Description
Oxford University Press Financial Accounting by Soumya Mukherjee and Abhik Mukherjee
Financial Accounting I is specially designed as an undergraduate textbook for the first year B Com (Hons and Gen.) students of University of Calcutta (CU). The book seeks to provide a comprehensive coverage of the basic principles of financial accounting, incorporating the latest accounting norms and standards.
The book begins with an introduction to accounting, double-entry book-keeping system, basis of accounting, and basic concepts and conventions of accounting. It moves on to accounting theory and accounting standards, followed by the concepts of revenue recognition, inventories, depreciation, reserves and provisions, provisions on debtors and creditors, capital and revenue transactions, adjustment entries, and rectification of errors. It then delves deep into the concept of preparing final accounts including final accounts of sole proprietorship trading concerns, of manufacturing concerns, from incomplete records, and of non-profit organizations. It then proceeds to describe the concepts of accounting for consignment, and for sales on approval basis, self-balancing and sectional balancing system, and insurance claims for loss of stock and loss of profit.
Written in a crisp and easy-to-understand style, the book also incorporates a large number of worked-out problems, solutions to relevant problems set by CU B Com (Hons & Gen.) and professional examinations such as CA, CS, and CWA, thereby making it ideal for selfstudy.
Table of contents
Introduction to Accounting
Double Entry Book-keeping System
Basis of Accounting
Basic Concepts and Conventions
Accounting Theory
Accounting Standards
Revenue Recognition
Accounting for Inventories
Accounting for Fixed Assets and Depreciation
Reserves and Provisions
Provisions on Debtors and Creditors
Capital and Revenue Transactions
Adjustment Entries
Rectification of Errors
Final Accounts of Sole Proprietorship Trading Concerns
Final Accounts of Manufacturing Concerns
Final Accounts from Incomplete Records: Single Entry
Final Accounts of Non-profit Organizations
Accounting for Consignment
Accounting for Sale on Approval Basis
Self-Balancing and Sectional-Balancing System
Insurance Claim: Loss of Stock
Insurance Claim: Loss of Profit
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