Subjects

Advanced Financial Accounting

A. K. Arya, Aadi Publications, 2011, viii, 280 p, ISBN : 9380902470, $50.00 (Includes free airmail shipping)

Advanced Financial Accounting

Contents: Preface. 1. Introduction. 2. Financial Accountancy. 3. Fundamental Concepts of Financial Accounting. 4. Financial Accounting Standards Board. 5. Basic concepts of financial accounting. 6. Principles of financial accounting. 7. Governmental accounting. 8. Merger and Acquisitions. 9. Partnerships. 10. Financial statement and balance sheet. Bibliography. Index.

Financial accountancy is governed by both local and international accounting standards. The purpose of accounting is to provide the information that is needed for sound economic decision making. The main purpose of financial accounting is to prepare financial reports that provide information about firm’s performance to external parties such as investors, creditors, and tax authorities. Managerial accounting contrasts with financial accounting in that managerial accounting is for internal decision making and does not have to follow any rules issued by standard-setting bodies. Financial accounting, on the other hand, is performed according to Generally Accepted Accounting Principles (GAAP) guidelines. The partnership business, though the sole proprietor of partners are not considered as separate entities in the eyes of law, but for accounting purposes they will be considered as separate entities. In the case of joint stock company, the business has a separate legal entity than the shareholders. The book discusses the basic concepts and techniques of financial accounting in a student friendly manner.

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