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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 relationships among the different elements of the accounting system and the financial statements and a set of rules and guidelines for applying concepts and principles to specific business situations. There is a need to understand financial accounting to understand a business and its activities. To achieve such an understanding, we need a text which can discuss the subject in a clear, accurate and logical manner and which is easy to use by both the teachers and students. 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 Commerce students of Four Year Degree Course in University of Delhi.
Organization Of The Topics
The text is divided into five parts.
Part I provides an overview of financial accounting and discusses Financial Accounting: Nature and Scope; Basic Accounting Concepts and Financial Statements; Accounting Standards.
Part II titled Recording of Transactions and Preparation of Final Accounts deals with the Accounting Framework and Transaction Analysis. Accounting Process : Journalization, Cash Book and Subsidiary Books, Ledger Posting and Trial Balance, Preparation of Final Accounts of Non-Corporate Business Entitles.
Part III titled as Income Measurement discusses some accounting topics relating to measurement of income such as Business Income, Revenue Recognitions, Depreciation Accounting and Inventory Valuation.
Part IV focuses on financial accounting system followed by some organizations. This part, covers Consignment Accounts; Joint Venture; Accounting for Hire Purchase; Branch Accounting; Dissolution of Partnership Firm.
Part V titled as Auditing is devoted to discussing some important topics in auditing such as Auditing : Meaning and Objectives; Vouching; Verification of Assets and Liabilities.
Contents:
Part I
An Overview of Financial Accounting
Financial Accounting : Nature and Scope
Basic Accounting Concepts and Financial Statements
Accounting Standards
Part II
Recording Of Transactions And Preparation Of Final Accounts
The Accounting Framework and Transaction Analysis
Accounting Process-I : Journalization
Accounting Process-I(Contd.) : Cash Book and Subsidiary Books
Accounting Process-II : Ledger Posting and Trial Balance
Accounting Process-III : Completion of the Accounting Cycle :
Preparation Of Final Accounts of NON-Corporate Business Entities
Part III
Income Measurement
Business Income
Revenue Recognition
Depreciation Accounting
Inventory Valuation
Part IV
Financial Accounting Systems
Consignment Account
Joint Venture
Accounting For Hire Purchase
Branch Accounting
Dissolution Of Partnership Firm
Part V
Auditing
Auditing : Meaning and Objectives
Vouching
Verification Of Assets and Liabilities
Appendix-Objective Type Questions
About the Author: Jawahar Lal, Seema Srivastava
Dr. Jawahar Lal is currently Professor in Department of Commerce, Delhi School of Economics, University of Delhi, Delhi. Earlier, he has been Head, Department of Commerce, and Dean, Faculty of Commerce and Business, University of Delhi. He is an eminent teacher and researcher and possesses forty years of teaching and research experience. He has completed two advanced research projects. He teaches postgraduate commerce and management courses and imparts dissertation and thesis guidance to students of M.Phil., Ph.D., MIB and MHROD programmes. Fifteen Ph.D. students and Twenty M.Phil. students have completed their theses under his supervision. At present, ten Ph.D. students and five M.Phil. students are working under his supervision.
Dr. Lal is the member of many academic and professional bodies, is on the Editorial Board and Review Board of many reputed journals, member of Board of Studies and Research Committees of Indian Universities, member of Indian Commerce Association and member and Fellow of Indian Accounting Association.
Dr. Lal has contributed forty-five papers in reputed journals and has presented papers in forty national and international conferences. He has also chaired technical sessions in many conferences. He has thirteen books to his credit ? a few among them are: Corporate Annual Reports: Theory and Practices, Financial Reporting by Diversified Companies, Contemporary Accounting Issues, Understanding Indian Investors, Accounting Theory and Practice, Managerial Accounting, Cost Management, Cost Accounting, Corporate Financial Reporting, Advanced Management Accounting ?? Text and Cases. His areas of specialization are Management Accounting, Accounting Theory, Corporate Financial Reporting.
Dr. Seema Srivastava is Assistant Professor in Department of Commerce, Motilal Nehru College (Day), University of Delhi, She has done B.Com. (Hons.) from Shri Ram College of Commerce and M.Com. from Department of Commerce, Delhi School of Economics, University of Delhi, Delhi. She has her Ph.D. Degree on Segment Reporting Practices in India. She is associated with teaching of Management Accounting to M.Com. Students and Cost Accounting, Financial Accounting, Corporate Law to B.Com. (Hons.) students in University of Delhi.
She has many papers published in reputed journals in India and has attended many conferences and seminars. She is the author of Corporate Segment Reporting, Theory and Practice, and Co-author of Cost Accounting, and Financial Accounting for B.Com. (Hons.) and B.Com. Courses.ISBN - 9789350978085
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