Fundamentals of Accounting

Book Title: Fundamentals of Accounting

Author(s): The Institute of Cost Accountants of India

Summary:

This book provides a foundational understanding of financial and cost accounting, especially designed for students pursuing accounting, finance, or cost management.

Key Areas Covered:

1. Fundamentals of Financial Accounting:

Nature and scope of accounting

Accounting principles, concepts, and conventions

Double-entry system and accounting cycle

Journal, ledger, trial balance

2. Accounting Basics:

Rules of debit and credit

Types of accounts

Preparation of subsidiary books

Cash book and bank reconciliation statements

3. Accounting for Special Transactions:

Bills of exchange

Consignment and joint ventures

Depreciation accounting

Rectification of errors

4. Preparation of Final Accounts:

Trading, Profit & Loss Account

Balance Sheet

Adjustments in final accounts (e.g., closing stock, outstanding expenses)

5. Fundamentals of Cost Accounting:

Concepts and classification of costs

Cost sheet preparation

Elements of cost: material, labor, overheads

Methods and techniques of costing

Purpose:

The book aims to build a solid base in accounting principles and practices, especially for students appearing for the CMA Foundation course and other entry-l

evel accounting exams.

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