Crash Course Modern Accounting

Gone are the days when a successful career was based on the amount of money spent on a child’s education. Talent and hard work are the traits required to forge a relatively decent career in any industry. It takes more than just money to survive in the corporate world. Only those truly succeed who have worked hard and truly identify their true potential at a relatively younger age. Commerce education is on the boom nowadays. Apart from engineers, commerce graduates are aplenty in India today. This short course on accounting is suitable for not just students but for small business owners as well who wish to equip themselves with the basic knowledge of day-to-day accounting. While traditional accounting topics like credit, debit and tax-filing are all quite well versed by the vendors today, the modern-day techniques are something they are still missing out on. This guide will cover topics like balance sheet, cash flow statements and lastly the P&L. Finance and accounting remains the backbone of every organization. It is imperative that business owners are well versed with such techniques as the current market is an already a competitive one. Apart from businesses, accounting also remains to be an appealing profession for job-seeking individuals.

Seamlessly bridging academic accounting with real-life applications, Crash Course in Accounting and Financial Statement Analysis, Second Edition is the perfect guide to a complete understanding of accounting and financial statement analysis for those with no prior accounting background and those who seek a refresher.

The income statement is the presentation of the various receipts and expenditure incurred by the proprietor or the business or the firm. It includes two sides, particularly credit and debit and for a simpler word one that is coming and the other that is going. It is focusing on the cash incoming and outgoing. The ultimate result of the statement is revenue deficit. The revenue is the profit or the excess of income over the expenditure. The deficit is the loss which is the excess of expenditure over the income. The statement is prepared as per guidelines and principles reflected in the Accounting Standards issued by ICAI. Any discrepancy is not at all allowed if they do not represent the true and fair view of the financial position of the company. Window dressing performed by the limited company often results into a very strict action by the authorities which include central government, high court, and even supreme court.