FINANCIAL ACCOUNTING
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FINANCIAL ACCOUNTING
Authors:
Dr. Rajeena Syed
Arshiya Anjum A
Publication Date:
30th January 2024
No.of Pages: 188
Price: ₹ 350/-
ISBN:
978-93-92090-71-4
DOI:
Publisher:
Place of Publication:
Abstract
This textbook, “Financial Accounting,” offers a comprehensive introduction to the principles and practices of financial accounting. The book is designed to equip students with the foundational knowledge and skills necessary to understand and apply accounting principles in various business contexts. Starting with a thorough introduction to financial accounting, the text delves into the meaning, definition, and significance of accounting, outlining its key functions and the diverse users of accounting information. It explores the fundamental accounting evidence, principles, concepts, and conventions, before introducing the accounting equation and providing practical problems to enhance understanding. The textbook also covers accounting standards, offering a detailed list to guide practice.
The second section addresses hire purchase accounting, comparing it with sales and installment purchase systems. It explains the differences between hire purchase and installment systems, the meaning of technical terms, and the components of hire purchase agreements, including the calculation of hire purchase charges and the determination of net hire purchase and cash prices.
The book proceeds to departmental and branch accounting, discussing their meanings, objectives, and the allocation of common expenses among departments. It also explains the preparation of trading, profit and loss accounts, and balance sheets in various formats. Branch accounting is explored through the lens of dependent branches, including the supply of goods at cost and invoice prices and the maintenance of branch accounts in the head office books.
“Financial Accounting” is structured to facilitate learning through a clear, logical progression from basic concepts to more complex accounting scenarios, making it an essential resource for students pursuing studies in accounting and related fields.
Keywords: Financial Accounting, Accounting Principles, Hire Purchase, Installment Purchase System, Accounting Standards, Departmental Accounts, Branch Accounts, Accounting Equations, Accounting Concepts and Conventions.
Book Citation
Dr. Rajeena Syed, Arshiya Anjum A (2024).Financial Accounting. Magestic Technology Solutions (P) Ltd. ISBN: 978-93-92090-71-4 DOI: www.doi.org/10.47716/MTS.B.978-93-92090-71-4