Accounting principles and concepts pdf free download

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The main objectives of Accounting is to safeguard the interests of the business, its proprietors and others connected with the business transactions. This is done by providing suitable information to the owners, creditors, shareholders, Government, financial institutions and other related agencies.

Definition of Accounting The American Accounting Association defines accounting as "the process of identifying, measuring and communicating economic information to permit informed judgements and decisions by the users of the information. It is referred to as "Journal. It is known as "Ledger. Objectives of Accounting 1 Providing suitable information with an aim of safeguarding the interest of the business and its proprietors and others connected with it.

Definition of Bookkeeping Bookkeeping may be defined as "the art of recording the business transactions in the books of accounts in a systematic manner.

His work is primarily clerical in nature. On the other hand, Accounting is primarily concerned with the recording, classifying, summarizing, interpreting the financial data and communicating the information disclosed by the accounting records to those persons interested in the accounting information relating to the business.

Limitations of Accounting 1 Accounting provides only limited information because it reveals the profitability of the concern as a whole. Qualitative information is not taken into account. It provides only a post mortem record of business transactions. Branches of Accounting The main function of accounting is to provide the required informations for different parties who are interested in the welfare of that enterprise concerned. In order to serve the needs of management and outsiders various new branches of accounting have been developed.

The following are the main branches of accounting: 1 Financial Accounting. Accounting Principles and Concepts 3 1 Financial Accounting: Financial Accounting is prepared to determine profitability and finan- cial position of a concern for a specific period of time.

It is a systematic procedure for determining the unit cost of output produced or service rendered. Accounting Principles Various accounting systems and techniques are designed to meet the needs of the management. The information should be recorded and presented in such a way that management is able to arrive at right conclusions.

The ultimate aim of the management is to increase profitability and losses. In order to achieve the objectives of the concern as a whole, it is essential to prepare the accounting statements in accordance with the generally accepted principles and procedures.

The term principles refers to the rule of action or conduct to be applied in accounting. Accounting principles may be defined as "those rules of conduct or procedure which are adopted by the accountants universally, while recording the accounting transactions. Accounting Concepts. Accounting Conventions. Accounting Concepts Accounting concepts mean and include necessary assumptions or postulates or ideas which are used to accounting practice and preparation of financial statements. Accounting Conventions Accounting Convention implies that those customs, methods and practices to be followed as a guideline for preparation of accounting statements.

The accounting conventions can be classified as follows: 1 Convention of Disclosure. Accounting Concepts 1 Entity Concept: Separate entity concept implies that business unit or a company is a body corporate and having a separate legal entity distinct from its proprietors.

The proprietors or members are not liable for the acts of the company. But in the case of the partnership business or sole trader business no separate legal entity from its proprietors. Here proprietors or members are liable for the acts of the firm. As per the separate entity concept of accounting it applies to all forms of business to determine the scope of what is to be recorded or what is to be excluded from the business books.

For example, if the proprietor of the business invests Rs. On withdrawal of any amount it will be debited in cash account and credited in proprietor's capital account. In conclusion, this separate entity concept applies much larger in body corporate sectors than sole traders and partnership firms.

The dual aspect concept is the basis of the double entry book keeping. Accordingly for every debit there is an equal and corresponding credit. On the other hand, the term liability denotes the funds provided by the creditors and debenture holders against the assets of the business. The term assets represents the resources owned by the business.

For example, Mr. Thomas Starts business with cash of Rs. In other words, the business acquires assets of Rs. Being a business in continuous affairs for an indefinite period of time, the proprietors, the shareholders and outsiders want to know the financial position of the concern, periodically. Thus, the accounting period is normally adopted for one year. At the end of the each accounting period an income statement and balance sheet are prepared. This concept is simply intended for a periodical ascertainment and reporting the true and fair financial position of the concern as a whole.

This concept assumes that business concern will continue for a long period to exit. In other w. This assumption implies that while valuing the assets of the business on the basis of productivity and not on the basis of their realizable value or the present market value, at cost less depreciation till date for the purpose of balance sheet.

It is useful in valuation of assets and liabilities, depreciation of fixed assets and treatment of prepaid expenses. Please refer to the previous comment, the book is well organized and consistent with other books that I have reviewed on the subject matter. The book interfaced well.

There did not appear to be any problem with navigation or other displays such as charts and graphs. This text is straight forward and focused on the subject of financial accounting.

It was no insensitive in any way. After reviewing the book, and the accompanying resources I will consider adopting it for use in my classes. If not as a primary resource, I will recommend the source as an additional reading option for my students.

This textbook has all of the content that I cover with the publisher textbook that I have used for the past 6 years. I have not used this test yet for an actual course but in my initial review I did not find any errors in the text. This text includes some very relevant information about careers in accounting. I did not see a tie-in with data analysis which would have been nice but there are other ways to integrate this in to a course.

This textbook uses of T-accounts and diagrams to make the concepts become clearer for students. For a fee there are also videos through the OpenStax app. This text is written in a single voice and allows for consistency through out the entire textbook. The types of graphics and the language that provides structure is also the same throughout the entire book.

Each chapter has subunits and it would be possible to remove or skip some of the units and there learning objectives because they are all numbered and ordered. This text lays out the basic accounting foundation in the first five chapters. The publisher book I have used does it in 4 chapters. Having more chapters is a plus especially if your student struggle with the basic concepts. I wish that the chapters on merchandising and inventory were back-to-back.

I will flip these when I use the book in my class to provide more continuity for these concepts. All of the other chapters are in a logical order. There are many format options that are common to OpenStax textbooks that make this book a very accessible and usable book.

In my limited review I did not find any grammatical errors. I have not used this text yet in a course. Upon using it in a course I suspect any errors will surface. I am excited to use this textbook in my courses this next year. I plan on creating my own videos and exam problems to expand the course.

I will also create a Canvas course that I am will to share. This book is perhaps the most comprehensive text I have seen for financial accounting. For those who are familiar with Financial Accounting, the index and glossary are sufficiently detailed. The fact that the text is so comprehensive is both a The fact that the text is so comprehensive is both a positive and a negative. It is positive in the sense that it has essentially every topic that you may want to cover in an introductory course.

For newer instructors however it may be a bit daunting to distill the content down to what is most essential to cover in an introductory course. The text has some content that is more relevant to courses such as Accounting Information Systems, Financial Management, and Intermediate Accounting.

An experienced instructor can recognize this and use the necessary elements for a principles course whereas for a new instructor the content is too extensive to cover in a single semester long course and would potentially overwhelm them. If an instructor's principles course contained only students who quickly and easily understood accounting concepts, then it would be possible to touch on such a wide variety of concepts in an introductory course. However, most principles courses contain business majors and other non-accounting majors who would struggle with the pace required to cover so much material.

I noticed a few typo-graphical errors but overall the text is well-written and accurate. I noticed no specific bias in the writing or examples. Basic accounting concepts have not changed for a long time. For that reason, open source texts such as this one should be more widely used. The small incremental changes made in the basic structure of accounting do not warrant the frequent new editions that publishers try to push through. The only elements that would need to be updated may be the dates after a period of time so that they are more current and perhaps a few of the examples.

The basic accounting elements however will not become obsolete and will remain relevant for the foreseeable future. This text is very well-written. For those very familiar with accounting, the ordering of the concepts in financial accounting textbooks seems to make sense.

However, if one takes a step back and thinks about what students might be struggling with, one can quickly see how fast these texts expect students to make leaps in their understanding. An example of this which is common to most financial accounting texts is the introduction of financial statements in chapter two before students fully grasp what the elements reflected on the financial statements represent.

It is critical to spend enough time with students making sure that they understand how the basic accounting system works revenues, expenses, accounts, cash and accrual basis before they can make full use of the subsequent accounting concepts that are presented.

The topics follow a clear, logical order. The only exceptions are chapters 1 and 2. Chapter 1 presents a broad overview of accounting which is common in financial accounting texts. What is included is fairly logical, but I find that topics such as retail businesses vs. As I mentioned previously, chapter 2 makes the assumption that students already grasp at this early stage what revenues and expenses are and the differences between cash and accrual accounting.

Principles of Accounting is designed to meet the scope and sequence requirements of a two-semester accounting course that covers the fundamentals of financial and managerial accounting. Due to the comprehensive nature of the material, we are offering the book in two volumes. This book is specifically designed to appeal to both accounting and non-accounting majors, exposing students to the core concepts of accounting in familiar ways to build a strong foundation that can be applied across business fields.

Thoughtfully designed examples are presented throughout each chapter, allowing students to build on emerging accounting knowledge.

Concepts are further reinforced through applicable connections to more detailed business processes. Content Accuracy rating: 5 As an OpenStax book, it has gone through QA procedures and reviews and it also appears to me to be accurate and error-free. Clarity rating: 5 The writing is clear and concise. Consistency rating: 5 The book is consistent throughout. Modularity rating: 5 The sections of the text make it possible to assign various modules and to stop and lecture and problem solve based on those sections.

Interface rating: 5 This interface is effective, navigation of the ebook is easy and intuitive, and all tables and figures seem to load correctly and make sense. Grammatical Errors rating: 5 I see now grammatical errors in the text. Cultural Relevance rating: 5 OpenStax does a good job of working an editorial process that eliminates any culturally insensitive content. Comments One concern that I have with any accounting textbook is whether there will be a homework system that the students can benefit from and that makes grading homework an easy process.

Content Accuracy rating: 5 The text-book is accurate and I did not find any error. Clarity rating: 4 For the most most part the book is clear.

Consistency rating: 5 The textbook is consistent with respect to terminology. Modularity rating: 5 Overall the chapters can be easily divided into smaller parts.

Interface rating: 3 This is a place where the book can use some some help. Cultural Relevance rating: 1 As this is mostly a quantitative subject, issue of culture is not really relevant. Content Accuracy rating: 5 The book is accurate, error-free and unbiased. Clarity rating: 5 This book is specifically designed for both accounting and non-accounting majors, explaining the core concepts of accounting in familiar ways to students.

Consistency rating: 5 Consistency in the terminology and framework was prevalent throughout the textbook. Modularity rating: 5 The modularity is consistent throughout the book.

Interface rating: 4 The book's is basically free of interface issues. Grammatical Errors rating: 5 There were no grammatical errors found in my review. Cultural Relevance rating: 5 There were no culturally insensitive or offensive words, phrases, or references observed. Comments I would recommend this book for use in accounting classrooms. Content Accuracy rating: 5 No errors were encountered in my review. Clarity rating: 4 Looking at this from the context of a non-native English speaker, some of the language or vocabulary would be difficult to comprehend.

Consistency rating: 5 There is much consistency between the chapters in terms of how they are structured. Modularity rating: 5 Each chapter is broken into smaller, easily digested sections. Interface rating: 5 Interface was great. Grammatical Errors rating: 5 No grammatical errors detected.

Cultural Relevance rating: 5 I did not detect any. Comments This is a good, solid textbook. Content Accuracy rating: 5 The information contained in the book is accurate and inline with what would be expected from an introduction to financial accounting textbook. Clarity rating: 5 The book is clearly written. Consistency rating: 5 The book is consistent. Modularity rating: 5 The book is split into appropriate parts.

Interface rating: 5 The book interfaced well. Grammatical Errors rating: 5 No grammatical errors were noted. Cultural Relevance rating: 5 This text is straight forward and focused on the subject of financial accounting. Comments After reviewing the book, and the accompanying resources I will consider adopting it for use in my classes. Content Accuracy rating: 5 I have not used this test yet for an actual course but in my initial review I did not find any errors in the text.

Clarity rating: 5 This textbook uses of T-accounts and diagrams to make the concepts become clearer for students. Consistency rating: 5 This text is written in a single voice and allows for consistency through out the entire textbook. Modularity rating: 5 Each chapter has subunits and it would be possible to remove or skip some of the units and there learning objectives because they are all numbered and ordered. Interface rating: 5 There are many format options that are common to OpenStax textbooks that make this book a very accessible and usable book.

Grammatical Errors rating: 5 In my limited review I did not find any grammatical errors. Cultural Relevance rating: 5 I did not find any culturally insensitive or offensive content in this textbook. Comments I am excited to use this textbook in my courses this next year. Content Accuracy rating: 5 I noticed a few typo-graphical errors but overall the text is well-written and accurate. Clarity rating: 4 This text is very well-written. Consistency rating: 5 The structure of the book is consistent throughout.

Modularity rating: 5 The text is sufficiently modular in format to be easily reorganized and realigned. Interface rating: 5 The interface is clean and easy to follow. Grammatical Errors rating: 5 I noticed a few typo-graphical errors but overall the text is well-written grammatically. Cultural Relevance rating: 5 I did not notice any cultural insensitivity. I noted a variety of inclusive examples. Table of Contents 1. Role of Accounting in Society 2.

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