Financial Accounting by Soumya Mukherjee

Financial Accounting I has been developed to introduce the readers to the world of financial accountancy. This book seeks to provide a comprehensive coverage of the basic principles of financial accounting, incorporating the latest accounting norms and standards. This title has been specifically designed as per the National Education Policy 2020 (Credit &Curriculum Framework), and it meets the requirements of NEP aligned syllabus of most Universities and Institutions. This book will also be useful for professional courses like CA, CMA, CS and MBA. The book begins with an introduction to financial accounting, double-entry bookkeeping system, bases of accounting, and the generally accepted accounting principles (i.e., accounting concepts and conventions). It moves on to discuss the concepts required for determination of business income, viz. recognition of revenue and expenses, inventory valuation, depreciation, reserves and provisions, capital and revenue transactions, adjustment entries and rectification of errors. It then delves deep into the process of finalization of accounts by focusing on drafting different components of final accounts of proprietary concerns (both trading as-well as manufacturing businesses), non-profit organizations, and also drafting final accounts from incomplete records. It then proceeds to discuss the system of maintaining multiple ledgers through self-balancing and sectional-balancing systems. Written in a crisp and easy-to-understand style, the book also incorporates a large number of worked-out graded illustrations to questions set at B.Com and professional examinations such as CA, CMA and CS, thereby making it ideal for self-study.