- DESCRIPTION
- INDEX
First upon we are thankful to all readers of the Business Accounting – I, Corporate Accounting I &II and Advanced Accounting I & II books for countless response. We are privileged to present this book to Commerce students, respectful faculties, and readers as a skill enhancement course. This book is projected for undergraduate-level students, businessmen, and accounting practitioners as per NEP-2020. This book is designed in fulfillment of the revised syllabi of Business Accounting, F.Y.B.Com of Savitribai Phule Pune University 2022 as per National Education policy. This book is also proficient and useful to students and faculties of financial accounting from diverse Universities in India. All chapters are discussed in a detailed, simple, and lucid language which would help students their study advanced accounting in easy manner. Adequate and explicable theory and practical illustrations are given under each topic. Our book aims to assist readers concerning about importance and recent issues of advanced accounting. The book is organized into three chapters viz Partnership Firm and Piecemeal Distribution. We tried to make this book in such a way that would assist students and readers to understand the basics regarding all the chapters incorporated in it. In addition to this, we comprise a number of variant illustrative solutions using simple and comprehensible methods.
Overall, we hope that this book will be beneficial to all readers including students, faculties, professionals, businessmen and accounting practitioners.
1. Meaning and Scope of Accounting
1.1 Introduction
1.2 Need for Accounting
1.3 Development of Accounting
1.4 Accounting as an Information System
1.5 Characteristics of an Accounting Information System (AIS)
1.6 Book Keeping and Accountancy
1.7 Is Accounting a Science or an Art?
1.8 Accounting and Other Discipline
1.9 Financial Accounting
1.10 Objectives of Financial Accounting
1.11 Limitations of Financial Accounting
1.12 End Users of Financial Accounting
1.13 Meaning and Nature of Accounting Principles
1.14 Accounting Concepts
1.15 Accounting Conventions
2. Accounting Standards
2.1 Introduction
2.2 Scope of Accounting Standards
2.3 Objectives of Accounting Standards
2.4 Advantages of Accounting Standards
2.5 Disadvantages of Accounting Standards
2.6 Formation of the Accounting Standards Board (ASB) of India
2.7 Objectives of the Accounting Standards Board (ASB) of India
2.8 Functions of the Accounting Standards Board (ASB) of India
2.9 Procedure for issuing Accounting Standard by the ICAI
2.10 Accounting Standard – 2 Valuation of Inventory
2.11 Accounting Standard – 5 (AS 5) : Net Profit or Loss for the Period, Prior Period Items, and Changes in Accounting Policies
3. Partnership Firm and Piecemeal Distribution
3.1 Meaning, Nature, Features, and Importance of Partnership Firm
3.2 The Indian Partnership Act 1932 (Important Provisions) and Partnership Deed and its Contents
3.3 Liability Partnership : Concept, Structure, Advantages, Procedure of Formation of Limited Liability Partnership, Difference between Limited Liability Partnership and Partnership Firm, and Difference between Limited Liability Partnership and Company
3.4 Gradual Realization of Assets and Basis of Distribution :
3.4.1 Order of Payments
3.5 Proportionate Capitals Method : Statement Showing Surplus Capital & Statement Showing Piecemeal Distribution of Cash
3.6 Maximum Loss Method : Statement Showing Piecemeal Distribution of Cash
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