Failure of majority of the industrial undertakings is mainly attributable to the lack of awareness about the wrong financial decisions affecting the business, particularly accounting and costing decisions. The crux of wrong financial decisions is that the implications of the wrong financial decisions are not realized immediately, and by the time they are realized, it is too late. As such, it is most important to take proper financial decisions at proper point of time. For this, clear understanding of basic financial and costing principles is a must for everybody.
My objective of writing this book is to introduce the basic concept of financial and cost accounting in the simplest possible language to the readers. I have attempted to explain the basic concepts with the help of examples and illustrations. Good number of problems have been incorporated for self-study.
I am thankful to Symbiosis Center for Distance Learning and particularly to Ms. Swati Chaudhary, Director, SCDL, for providing me this opportunity to reach out to a very wide spectrum of readership.
All the efforts have been done to make the text free of errors. Still, I don\u2019t rule out the possibility of some omissions. I will be obliged if such omissions can be pointed out and intimated so that necessary modifications can be done in the subsequent editions.
Prof. Satish Inamdar is holding a Master\u2019s Degree in Commerce and Bachelor\u2019s Degree in Law. He is fellow Member of the Institute of Chartered Accountants of India, Graduate Member of The Institute of Cost & Works Accountants of India and Associate Member of The Institute of Company Secretaries of India. He is associated with the industry for the last two decades in various senior capacities. For the past fifteen years, he is associated with Symbiosis Institute of Business Management as a Faculty of Finance. He has conducted Management Development Programmes and Executive Development Programmes for various private sector and public sector organisations. He has authored three books on the subjects like Cost & Management Accounting and Financial Management. He is Charter Member of Rotary Club of Pune, Kothrud.
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