Financial Accounting and Auditing

ISBN Number : 978-93-5097-808-5

Student Price : Rs.625

Student Dollar Price : 25$

Book Edition : First

Year of Publication : 2017

No. Of Pages : 740

About The Book

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.

Free Booklet of Solutions Manual On Financial Accounting and Practical Problems on Financial Accounting with the Book.

Contents :

Part I - An Overview of Financial Accounting
1. Financial Accounting : Nature and Scope
2. Basic Accounting Concepts and Financial Statements
3. Accounting Standards
Part II - Recording Of Transactions And Preparation Of Final Accounts
4. The Accounting Framework and Transaction Analysis
5. Accounting Process-I : Journalization
6. Accounting Process-I(Contd.) : Cash Book and Subsidiary Books
7. Accounting Process-II : Ledger Posting and Trial Balance
8. Accounting Process-III : Completion of the Accounting Cycle : Preparation Of Final Accounts of NON-Corporate Business Entities
Part III - Income Measurement
9. Business Income
10. Revenue Recognition
11. Depreciation Accounting
12. Inventory Valuation
Part IV - Financial Accounting Systems
13. Consignment Account
14. Joint Venture
15. Accounting For Hire Purchase
16. Branch Accounting
17. Dissolution Of Partnership Firm
Part V - Auditing
18. Auditing : Meaning and Objectives
19. Vouching
20. Verification Of Assets and Liabilities

About The Author

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.

Dr. Jawahar Lal has been a Professor in Department of Commerce, Delhi School of Economics, University of Delhi. He also served as Head, Department of Commerce, and Dean, Faculty of Commerce and Business, University of Delhi. Earlier, he has taught at Shri Ram College of Commerce, University of Delhi, He possesses forty-four years of teaching and research experience. He has been associated with teaching of postgraduate commerce and management courses and imparting dissertation and thesis guidance to students of M.Phil., Ph.D., MIB, and M.H.R.O.D. Programmes.   

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 Indian Accounting Association. He has been conferred with IAA Fellowship award 2007 for lifetime dedication to the Accounting Education and Research.   

Dr. Lal has contributed sixty papers in reputed journals and has presented papers in fifty national and international conferences. He has also chaired technical sessions in many conferences. He has written over a dozen reputed books. 

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