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This book develops conceptual understanding of the fundamentals of financial accounting which play a crucial role in laying the foundation of commerce and accountancy courses in general and CPT in particular. Dexterously organized to suit the requirements of CPT aspirants, the text presents a step by step analysis of the basic concepts of accountancy in a comprehensive but in an easytograsp manner. The text begins with discussing the meaning and scope of accounting and moves on by elaborating on different accounting standards, policies and the procedures followed in accounting. It also discusses ledger, trial balance, cash book and bills of exchange or promissory notes in the subsequent chapters. Apart from discussing the various types of accounts, such as partnership accounts and company accounts, this text explains debentures and inventories in a simple and lucid style. Specifically meant for the prospective examinees of the Common Proficiency Test (CPT), conducted by the Institute of Chartered Accountants of India (ICAI), this text should also prove valuable to undergraduate students of commerce and management. Key Features Provides birds eye view in each chapter for a quick understanding of the concept Includes keywords and summary at the end of each chapter Incorporates Multiple Choice Questions with their answers useful for CPT Provides model test papers, objective type questions and subject in nutshell in Appendices. Table of Contents Preface 1. Meaning and Scope of Accounting 2. Accounting Concepts, Principles and Conventions 3. Accounting Standards: Concepts, Objectives and Benefits 4. Accounting Policies 5. Accounting as a Measurement Discipline: Valuation Principles, Accounting Estimates. 6. Basic Accounting Procedures 7. Ledgers 8. Trial Balance 9. Subsidiary Books 10. Cash Book 11. Capital and Revenue Expenditures and Receipts 12. Contingent Assets and Contingent Liabilities 13. Rectification of Errors 14. Bank Reconciliation Statement 15. Inventories 16. Depreciation Accounting 17. Final Accounts of Nonmanufacturing Entities 18. Final Accounts of Manufacturing Entities 19. Consignment 20. Joint Ventures 21. Bill of Exchange and Promissory Notes 22. Sale of Goods on Approval or Return Basis 23. Introduction to Partnership Accounts 24. Treatment of Goodwill in Partnership Accounts 25. Admission of New Partner 26. Retirement of a Partner 27. Death of Partner 28. Introduction to Company Accounts 29. Redemption of Preference Shares 30. Issue of Debentures Index