We are happy to introduce “Financial Accounting Principles and Practices in English.” The Fourth edition of this book has been revided, updated and enticed in various chapters, where needful alterations were necessary to provide more linkage and integration. It is predominantly an age of Accounting, Today there is hardly any area of life into which accounting has not found its way. More and more government departments, national and international institutions have realized the significance of accounting.
Accounting which is one of the branches of commerce, is the language of business. It records the business transactions taking place during the accounting period and communicates the results of the transactions to various parties, namely proprietors, creditors and potential investors. Proprietors of a business are interested in the wellbeing of business. The present creditors want to know the solvency of the business and the potential investors are keen to know the earning potential of the business. In view of the utility of accounting statements to various interested parties, it is necessary to recognize the urgency of a scientific approach to the recording of business transactions and communicating the results to various parties. Keeping this in view, an attempt has been made in the book to present the methods of preparation of accounts in a lucid manner to cater to the best needs of the readers. The main intention of this book is to present the subject- matter in such a manner that a student who has no prior knowledge of the subject of Accountancy can understand the scientific approach without any difficulty.
We have kept in mind he level of the standard of English among the students and have treated all the topics in a simple language and lucid style, which will enable them to grasp the essence of the subject.
Though there is no dearth of books on this subject in the market, an employee with severe constraint of time still gropes in the dark in the absence of a fruitful and proper guidance. It is hoped that this book will also cater to the needs of the employees. In this book, the basic concepts have been explained thoroughly followed by a good number of suitable but graded illustrations. Review questions and practical problems have also been given at the end of each chapter to provide the students and employees with an opportunity to test their ability.
Inspite of our best efforts, in the predation of this book, several errors of commissions and omissions may have crept in. In a book on a technical subject, such as the present one, it is futile to expect that printer’s devil has not entered in. We shall be grateful if the mistakes, deficiencies and suggestions are brought to our knowledge by careful and benevolent readers for further improvement of this book.