Financial Accounting: An Introduction / Augustine Benedict, Barry Elliott

Section A :The financial accounting system1: The need for accounting2: Accounting for cash3: The double entry accounting system4: Statement of financial position and Statement of income5: Accounting for credit transactions6: Inventories, profit margin and gross profit ratio7: Accruals, pre-payments, depreciation and bad debts8: Disposal, revaluation and impairment of non-current assets Section B : Financial Statements of limited companies, sole traders, groups and partnerships9: Accounting for limited companies10: Incomplete records11: Statements of cash flows12: Accounting ratios and interpretation of financial statements13: Consolidation of financial statements14: Accounting for partnerships Section C : Accounting for Current assets and liabilities#15: Bank account and bank reconciliation16: The Journal and correction of errors17: Control accounts18: Accounting for sales tax (VAT) and payroll Section D : The Conceptual Framework19: Conceptual framework of accounting20: Revenue recognition Section E : Accounting for Non-current assets, Liabilities and Provisions21: Accounting for tangible non-current assets22: Accounting for intangible non-current assets and government grant23: Liabilities, Provisions. Contingencies and Events after the Reporting Date

Financial Accounting: An introduction is an essential companion for students on introductory financial accounting modules within undergraduate accounting and business degrees. The authors’ self-directed learning approach provides extensive opportunities for those new to the subject to test their learning, try out questions from the main exam bodies and build-up their ability to deal with challenging problems.Its comprehensive coverage will provide students with:a sound understanding of the conceptual framework and key concepts of accounting the ability to account for transactions up to Trial Balance and to prepare financial statements the ability to extract accounting ratios and prepare a report analyzing the statements.