STUDY MATERIAL

Financial Accounting Notes for 12th, B.COM, M.COM

FINANCIAL ACCOUNTING NOTES

FINANCIAL ACCOUNTING NOTES– Welcome readers, as we all know that financial accounting is the first stage in commerce field. Therefore, in the first year, every university focus on financial accounting. I am also just like you my loving friends. To be honest, I really faced problem in clearing financial accounting concepts, while i was in my first semester of B.COM. From that time i am preparing FINANCIAL ACCOUNTING NOTES in the lucid language so that you can easily understand the financial accounting. Those students who are new in Commerce field, please read these FINANCIAL ACCOUNTING NOTES. If you read these notes then my effort will become prove fruitful.

DOWNLOAD FIINANCIAL ACCOUNTING NOTES PDF:

LIST OF CHAPTERS COVERS IN FINANCIAL ACCOUNTING NOTES:

1MEANING AND SCOPE
2PRINCIPLES
3STANDARDS
4EQUATION
5RECORDING OF BUSINESS TRANSATION
6CAPITAL AND REVENUE ITEMS
7FINAL ACCOUNTS WITH ADJUSTMENTS
8ERROR AND THEIR RECTIFICATION
9DEPRECIATION, PROVISIONS & RESERVES
10ACCOUNTS OF NON-TRADING ORGANISATION
11CONSIGNMENT
12JOINT VENTURE
13INSURANCE CLAIM

Few writers analyse the financial accounting concept and as per their opinion few definitions are written by them. Here i will discuss about only for three definitions which i reckon revels the accurate meaning of financial accounting.

AUTHOR’S VIEWS:

“Accounting is the art of recording, classifying and summarising in a significant manner and in terms of money, transactions and events, in part, at least, of and interpreting the result thereof.” – A.I.C.P.A

“According to R.N. Anthony, “Nearly every business enterprise has accounting system. It is a means of collecting, summarising, analysing and reporting in monetary terms information about business.”

“Accounting is the science of recording and classifying business transactions primarily of a financial character and the art of making significant sunmaries, analysis and interpretation of these transactions and events and communicating the results to persons who must take decisions or form judgements.”- Smith and Ashburn

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