Failure of majority of the industrial undertakings is mainly attributable to the lack of awarenessabout the wrong financial decisions affecting the business, particularly accounting and costingdecisions. The crux of wrong financial decisions is that the implications of the wrong financialdecisions are not realized immediately, and by the time they are realized, it is too late. Assuch, 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 accountingin the simplest possible language to the readers. I have attempted to explain the basic conceptswith the help of examples and illustrations. Good number of problems have been incorporatedfor 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 ofreadership.All the efforts have been done to make the text free of errors. Still, I don’t rule out the possibilityof some omissions. I will be obliged if such omissions can be pointed out and intimated sothat necessary modifications can be done in the subsequent editions.
Prof. Satish Inamdar
5, Brahma Residency, Bhusari Colony,Kothrud, Pune 411 038Tel : (020) 528 2058 / 528 5749Email : firstname.lastname@example.org