Financial Accounting I by Dr. Chandra Shekhar Pdf
Download Financial Accounting I by Dr. Chandra Shekhar Pdf book free online – from Financial Accounting I by Dr. Chandra Shekhar Pdf book; This lecture explains the following topics: Accounting Concepts And Conventions, Recording Of Transactions- Voucher System, Accounting Process, Journal, Ledger Posting And Trial Balance, Subsidiary Books Of Accounts, Preparation Of Profit And Loss Account and Balance Sheet, Rectification Of Errors, Accounting Of Negotiable Instruments,
Financial and management accounting can be distinguished on a variety of basis like, users of information, criterion for decision making, behavioural implications, time frame, type of reports.
Financial statements are the product of a process in which a large volume of data about aspects of the economic activities of an enterprise are accumulated, analysed and reported. This process should be carried out in conformity with generally accepted accounting principles. These principles represent the most current consensus about how accounting
information should be recorded, what information should be disclosed, how it should be disclosed, and which financial statement should be prepared. Thus, generally accepted principles and standards provide a common financial language to enable informed users to read and interpret financial statements.
Financial accounting records all the transactions and events involving financial element. Each of such transactions requires two aspects to be recorded. The recognition of these two aspects of every transaction is known as a dual aspect analysis. According to this concept every business transactions has dual effect. For example, if a firm sells goods of Rs. 5,000 this transaction involves two aspects.
A year is the most common interval on account of prevailing practice, tradition and government requirements. Some firms
adopt financial year of the government, some other calendar year. Although a twelve month period is adopted for external reporting, a shorter span of interval, say one month or three month is applied for internal reporting purposes.