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.

LIST OF CHAPTERS COVERS IN FINANCIAL ACCOUNTING NOTES:

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