Accounting is a process, which provides qualitative information, primarily of financial nature that is needed to be used in taking economic decisions. But these days, accounting has totally changed its purview. Thus it is more of an information system rather than a mere recording system. Accounting provides information that can be used in order to make decisions affecting the organization's future. The primary objectives of financial accounting are to provide information that is useful in making investment and credit decisions; in assessing the amount, timing, and uncertainty of future cash flows; and in learning about the enterprise's economic resources, claims to resources, and changes in claims to resources.

This book is one of the best sellers available for the students as well as practitioners. The book is logically and strategically divided into five sections: (i) Accounting Principles and Practices (ii) Special Accounting problems (iii) Partnership Accounts (iv) Company Accounts (v) Management Accounting.