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Basic Financial Accounting


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It is my immense pleasure to present to the readers and students the new edition of the book “Basic Financial Accounting”.

The book discusses the principles, practices and uses of accounting in making business decisions. It is oriented towards providing useful and adequate knowledge in the Financial Accounting. It is obvious that if one understands how accounting information is prepared and presented, he can take appropriate decisions based on accounting information. Since the accounting information is used in business decisions, accountants have an important role in all aspects of management through supplying useful information to managers. Due to this, there is a need to develop utmost coordination between the managers and accountants and increase understanding between them about their respective functions and responsibilities. Managers of Indian companies need to make business decisions with sound familiarity and understanding of use of accounting information.

The book presents a comprehensive coverage of important topics in Financial Accounting in a clear, concise and logical manner. The book is intended primarily for those who are pursuing management and business courses in Indian Universities and Management Institutes and need to possess requisite accounting knowledge. The text does not assume a prior knowledge or understanding of accounting discipline.


Contents :

1. Financial and Management Accounting: an Overview
2. Accounting Postulates, Concepts and Principles
3. Accounting Equation and Transaction Analysis
4. Accounting Mechanics-I: Journals
5. Cash Book and Subsidiary Books
6. Accounting Mechanics-Ii: Ledger Posting And Trial Balance
7. Bank Reconciliation Statement
8. Errors and Their Rectification
9. Preparation of Financial Statements: Profit And Loss Account and Balance Sheet
10. Depreciation Accounting
11. Inventory Valuation
12. Statement Of Changes In Financial Position (SCFP)
13. Cash Flow Statement
14. Financial Statement Analysis
15. Company’s A/Cs – Schedule VI Latest Amendments
16. Bills Of Exchange


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Dr. Jawahar Lal


Himalaya pub