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Accounting, as a discipline, is accepted as the information system and the language of business with the objective of providing details and communicating useful information about an organization. Today, understanding this information system and this language has become more important than it was earlier. This will make accounting more purposeful and more reliable as a discipline - as a branch of knowledge.
In accounting, the discussion and the subject of financial accounting comes first because the structure of financial accounting underlies and guides, to some extent, all accounting. Financial Accounting uses some basic concepts and principles, describes a set of rellationships among the different elements of the accounting system and the financial statements and a set of rules and guidlines for applying concepts and principles to specific business situations. There is a need to understand financial accounting to understand a business and its activities. The present text has been written with the primary objective of providing a comprehensive, useful flexible and well presented text to serve the complete needs of B.Com students of University of Delhi.
ORGANIZATION OF THE TOPICS
The text is divided into three parts :
Part I provides an overview of financial accounting and discusses Financial Accounting : Nature and Scope; Basic Accounting Concepts and Accounting Standards; Introduction to Basic Financial Statements. In part I, the purpose of chapter 3 `Introduction to Basic Financial Statements` is simply to display an actual financial statements so that students may have a view of financial statements and its elements before taking up recording of business transcations and understanding financial accounting systems followed by some organizations.
Part II titled `Recording of Transcations and Preparation of Final Accounts` deals with the Accounting Framework and Transcation Analysis, Accounting Process : Journalization, Cash Book and Subsidiary Books, Ledger Posting and Trial Balance, Preparation of Final Accounts.
Part III focuses on financial accounting system followed by some organizations. This part covers Final Accounts of Not-For-Profit Organizations; Consignment Accounts; Joint Venture Accounts; Depreciation Accounting; Accounting for Hire Purchase Transcations; Branch Accounting; Dissolution of Partnership Firm.ISBN - 9789350514597
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Pages : 716
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