DETAILS OF RESEARCH PAPERS

RESEARCH PAPER-I
 Title: “A Comparative Study on Cash Flow Statements of Tata Chemicals Ltd.
and Pidilite Chemicals Ltd.”
 Author-1: Kalpesh B. Gelda (Assistant Professor, National College of
Commerce, Ahmedabad)
 Author-2: Dr. Bhavsinh M. Dodiya (Assistant Professor, Smt. B.V. Dhanak
Arts, Commerce, Science & Management College, Bagasara, Dist.-Amreli)
 Published in Paripex - Indian Journal of Research (Journal for all Subjects)
 Peer Reviewed & Referred International Journal
 Journal DOI: 10.15373/22501991
 ISSN – 2250-1991
 Impact Factor – 1.6714
 Volume:3, Issue:6, June-2014

RESEARCH PAPER-II
 Title: “Cash Flow Statement of State Bank of India and HDFC Bank: A
Comparative Study”
 Author-1: Dr. Bhavsinh M. Dodiya (Assistant Professor, Smt. B.V. Dhanak
Arts, Commerce, Science & Management College, Bagasara, Dist.-Amreli)
 Author-2: Kalpesh B. Gelda (Assistant Professor, National College of
Commerce, Ahmedabad)
 Published in Paripex - Indian Journal of Research (Journal for all Subjects)
 Peer Reviewed & Referred International Journal
 Journal DOI: 10.15373/22501991
 ISSN – 2250-1991
 Impact Factor – 1.6714
 Volume:3, Issue:12, December-2014
 A COMPARATIVE STUDY ON CASH FLOW
STATEMENTS OF TATA CHEMICALS LTD.
AND PIDILITE CHEMICALS LTD.
______________________________________________________________
(1) KALPESH GELDA (ASSISTANT PROFESSOR, NATIONAL
COLLEGE OF COMMERCE, AHMEDABAD)
(2) Dr. BHAVSINH M. DODIYA (ASSISTANT PROFESSOR, SMT. B.V.
DHANAK ARTS, COMMERCE, SCIENCE AND MANAGEMENT
COLLEGE, BAGASARA)
_____________________________________________________________

ABSTRACT :-
A cash flow statement is required as part of a complete set of financial statements
prepared in conformity with Indian Accounting Standards. AS-3 lays down a formal
structure for the cash flow statement. Cash flows should be classified under the
following three standard headings: “Operating activities”, “Investing activities”, and
“Financing activities”. The classification of cash flows among operating, investing
and financing activities is essential to the analysis of cash flow data. Net cash flow
(the change in cash and equivalents during the period) has little informational content
by itself; it is the classification and individual components that are informative.
Although the classification of cash flows into the three main categories is important, it
should be mentioned that classification guidelines are arbitrary.
_____________________________________________________________________
Key Words: Cash, Cash equivalents, Operating Activities, Investing Activities,
Financing Activities
_____________________________________________________________________

INTRODUCTION :-
The users of an enterprise‟s financial statements are interested in how the enterprise
generates and uses cash and cash equivalents. This is the case regardless of the nature
of the enterprise‟s activities and irrespective of whether cash can be viewed as the
product of the enterprise, as may be the case with a financial enterprise. Enterprises
need cash to conduct their operations, to pay their obligations and to provide returns
to their investors.
Success of every business depends on its cash management. The supply of cash is
frequently a limitation on the successful execution of many policies and programs. So
it is necessary to study the composition of cash of company to know the impact of its
cash flow decision on its liquidity, profitability and solvency.

In this study, the matters relating to the cash flow statements, which normally forms a
part of the financial statements of various enterprises to which the Accounting
standard (AS) 3, „Cash Flow Statements‟, become mandatory as given by ICAI, is
discussed in the light of, and on the basis of, the said Accounting Standard.

OBJECTIVES :-
There are three important activities which are the significant parts of Cash Flow
Statements. The analysis of all these activities is undertaken with the following
objectives:

(1) To undertake comparative study on Operating Activities for the period of

study of selected companies.

(2) To undertake comparative study on Investing Activities for the period of study
of selected companies.

(3) To undertake comparative study on financing Activities for the period of study
of selected companies.

RESEARCH METHODOLOGY :-
SAMPLE SELECTION
For the purpose of the study two (2) companies from Chemical Industry i.e. Tata
Chemicals Ltd. and Pidilite Chemicals Ltd. have been selected.

PERIOD OF STUDY
The study is conducted for a period of five (5) financial years i.e. from 2008–‟09 to
2012–‟13.

DATA COLLECTION
In this study, mainly secondary data is collected. Secondary data has been obtained
from the following sources:
  Published Annual Reports of the companies for the financial years 2008–
‟09 to 2012–‟13.
 Directory of Mumbai Stock Exchange
 Websites of the selected companies
 Other related websites

STATISTICAL TOOLS AND TECHNIQUES

The statistical analysis technique is selected to analyze the Cash Flow Statements of
the companies understudy. For this, following techniques are being used.
(a) Mean
(b) Standard Deviation
(c) Co – efficient of Variation

COMPARATIVE STUDY (Rs. In crores)

2008-09 2009-10 2010-11 2011-12 2012-13

ACTIVITI
ES TATA PIDILI TATA PIDILI TATA PIDILI TAT PIDILI TAT PIDILI
TE TE TE A TE A TE

Operating 1027. 843. 340. 223.

260.23 429.91 427.78 322.41 506.91 512.7
Activities 87 07 73 34
-684. 89.2 -238.
Investing -227.99 -48.35 -337.46 -248.19 -37.06 -231.52 -196.75
93 9 74
Activities
- -
Financing -336.
7951. 15592. 130.
Activities -91.55 -53.72 -186.56 -245.86 93 -285.84 -325.82
51 78 33
COMPARATIVE CHART FOR OPERATING ACTIVITIES

1100
1000
900
800
700
600
500
400
300
200
100
0
2008-09 2009-10 2010-11 2011-12 2012-13
OPERATING ACTIVITIES TATA OPERATING ACTIVITIES Pidilite

COMPARATIVE CHART FOR INVESTING ACTIVITIES

200

0
2008-09 2009-10 2010-11 2011-12 2012-13
-200

-400

-600

-800

INVESTING ACTIVITIES TATA INVESTING ACTIVITIES Pidilite

COMPARATIVE CHART FOR FINANCING ACTIVITIES

2000
0
-2000 2008-09 2009-10 2010-11 2011-12 2012-13
-4000
-6000
-8000
-10000
-12000
-14000
-16000
-18000
FINANCING ACTIVITIES TATA FINANCING ACTIVITIES Pidilite
MEAN, STANDARD DEVIATION AND CO-VARIANCE

OPERATING ACTIVITIES

Average Standard Co-

COMPANY Rank Rank Rank
(Mean) Deviation Variance

TATA 572.56 1 308.92 2 53.95 2

Pidilite 406.43 2 100.37 1 24.7 1

INVESTING ACTIVITIES

Average Standard Co-

COMPANY Rank Rank Rank
(Mean) Deviation Variance

TATA -226.18 2 261.63 1 -115.67 1

Pidilite -206.16 1 97 2 -47.05 2

FINANCING ACTIVITIES

Average Standard Co-

COMPANY Rank Rank Rank
(Mean) Deviation Variance

TATA -4768.49 2 6209.8 1 -130.23 1

Pidilite -219.56 1 94.83 2 -43.19 2

FINDINGS :-
The Performance evaluation can be examined with the use of different techniques –
accounting as well as statistics. All these techniques have certain limitations and
merits. To come to the reasonable conclusion apart from accounting analysis the use
of statistics is also applied. By cash flow statement the trend and measurement of
three activities to be done for evaluation purpose. And for all these activities
comparison with other statistical techniques become necessary. Average is calculated
to see the quantum of different companies for each company for given period of time.
Subsequently ranks are allotted on the basis of their quantum. But this does not serve
the complete purpose hence standard deviation is calculated and ranks are given to
them on the basis of their results. This helps to know variation of respective activates
for given period of time from its coverage. Theoretically higher the standard
deviation, lower the rank and vice versa. Finally co – efficient variation is also
calculated to know the consistency level of each activity of each company and ranks
are given accordingly. Theoretically higher the co – efficient, lower the consistency.
(1) Average :

 Theoretically higher the average, higher the rank and vice versa.
 For Operating activities, Average of TATA Co. (Rs. 572.56 crore) is greater
than Pidilite Co. (Rs. 406.43 crore). Accordingly, TATA is given 1 st rank and
Pidilite is given 2nd rank.
 But, for investing activities and financing activities, Average of Pidilite Co. is
greater than the TATA Co. So, Pidilite is given 1 st rank and TATA is given 2nd
rank.

(2) Standard Deviation :

 Theoretically higher the Standard Deviation, lower the rank and vice versa.
 For Operating activities, Standard Deviation of TATA is 308.92 whereas for
Pidilite Co. it is 100.37. It is lower in Pidilite Co. So, it is given 1 st rank and
TATA Co. is given 2nd rank.
 But, for Investing activities and Financing activities, Standard deviation of
TATA Co. is lower than the Pidilite Co. So, TATA is given 1 st rank and
Pidilite is given 2nd rank.
(3) Co – Efficient of Variation :

 Theoretically higher the Co-efficient of Variation, lower the rank and vice
versa.
 For Operating activities, Co-efficient of Variation of for Pidilite Co. (24.70) is
less than TATA Co. (53.95). Accordingly, Pidilite is given 1 st rank and TATA
is given 2nd rank.
 But, for Investing activities and Financing activities, Co-efficient of Variation
of TATA Co. is lower than the Pidilite Co. So, TATA is given 1 st rank and
Pidilite is given 2nd rank.
OVERALL CONCLUSION

Operating Investing Financing

Level
Activities Activities Activities
Best PIDILITE TATA TATA

Poorest TATA PIDILITE PIDILITE

LIMITATIONS OF THE STUDY :-

Every researcher tries to give justice to his research. Yet, there are some limitations to
his findings because he has to depend on information given by some published or
unpublished records and other sources. So, the further research can be carried out by
considering the aspects given below.

This study is entirely based on the published financial statements of the company and
other information received from the company officials. So, all analysis is based on
this data. So it can be reliable to that extent.

(1) As the information is collected from limited sources, it is not possible to use
different tools and techniques of statistical analysis.

(2) The study is based on secondary data; the secondary data has its own
limitation.
(3) Some external factors also could affect directly or indirectly to the companies‟
efficiency. But it is not easy to judge completely right about them.

(4) The entire study is limited to two companies only. It can be carried out by
including Industry.

CONCLUSION AND RECOMMENDATION :-

A materially misstated cash flow statement, whether it is in terms of incorrect
classification in the categories or numerical accuracy, can be misleading to the user
and can lead to wrong decisions taken by the users of the statement. The survey has
revealed that although sample banks prepare cash flow statement according to
Accounting Standard-3 (AS-3), there is also a degree of non-compliance. It is,
however, found that there are not many differences between companies in their
reporting of cash flow information. This is expected because the preparation of cash
flow statement does not allow for many choices, differences of interpretation or
different accounting treatments. To make cash flow statement more informative and
useful for users, the banks should disclose additional voluntary information such as
cash flow per share in their cash flow statements. Items consisting of cash flows from
operating, investing and financing activities should also be clarified in the notes of the
financial statements. Due to the limited scope of the present study, a large number of
research issues have not been attempted but are identified in the course of the study.
Disclosure practices of additional items other than operating, investing and financing
activities, disclosure practices differences between listed and unlisted companies,
disclosure practices differences between financial and other institutions are some such
potential issues for future research.

BIBLIOGRAPHY :-

 M. Y. Khan, P. K. Jain, Financial Management 2001, Third Edition, Tata

McGraw – Hill, Publishing Company Ltd., New Delhi.

 Dr. P. C. Tulsian – Financial Management, 2009, First Edition, S. Chand &

Co. Ltd., Ram Nagar, New Delhi – 110 055.

 J. Made Gowda – Accounting for Managers, 2009, First Edition, Himalaya

Publishing House Pvt. Ltd., Ansari Road, Darya Ganj, New Delhi – 110 002.
 Dr. P. Periasamy – A Textbook of Financial Cost and Management
Accounting, 2009, First Edition, Himalaya Publishing House Pvt. Ltd. Ansari
Road, Darya Ganj, New Delhi – 110 002.

 C.R.Kothari, Research Methodology- Methods and Techniques.

 S.N. Maheshwari and S.K. Maheshwari – A Textbook of Accounting for

Management 2006 (1st edition), Vikas Publishing House Pvt. Ltd., New Delhi-
110014.

 J. Made Gowda – Accounting for Managers, 2009, First Edition, Himalaya

Publishing House Pvt. Ltd., Ansari Road, Darya Ganj, New Delhi – 110 002.

 Dr. P. Periasamy – A Textbook of Financial Cost and Management

Accounting, 2009, First Edition, Himalaya Publishing House Pvt. Ltd. Ansari
Road, Darya Ganj, New Delhi – 110 002.

 N Ramchandran, Ram Kumar Kakani – How to Read a Cash Flow Statement

2010, The Mcgraw Hill Education Private Limited, West Patel Nagar, New
Delhi – 110008.

 Debarshi Bhattacharyya – Management Accounting, 2010, Dorling Kindersley

(India) Pvt. Ltd., Panchsheel Park, New Delhi - 110017.
CASH FLOW STATEMENTS OF STATE BANK
OF INDIA AND HDFC BANK:
A COMPARATIVE STUDY
______________________________________________________________
(1) Dr. BHAVSINH M. DODIYA (ASSISTANT PROFESSOR, B.V.
DHANAK ARTS, COMMERCE, SCIENCE & MANAGEMENT
COLLEGE, BAGASARA)
(2) KALPESH GELDA (ASSISTANT PROFESSOR, NATIONAL
COLLEGE OF COMMERCE, AHMEDABAD)
______________________________________________________________

ABSTRACT:-
From the financial year 2004-05, it has become mandatory for all the Indian
companies to present Cash Flow Statement in their Annual Reports. Institute of
Chartered Accounts of India (ICAI) has issued Accounting Standard-3 (AS-3) for the
cash flow statement. According to this, all the cash transactions of the company are
divided in three activities i.e. Operating, Investing and Financing activities. Such
classification helps the investors and other stakeholders in analyzing the cash flow
data. In this paper, a comparative study has been undertaken between two banks: State
Bank of India (a public sector bank) and HDFC Bank (a private sector bank).
-------------------------------------------------------------------------------------------------------
Key Words: Cash, Cash equivalents, Operating Activities, Investing Activities,
Financing Activities
-------------------------------------------------------------------------------------------------------
INTRODUCTION :-
By studying cash flow statements, one can come to know about the capacity of the
organizations to generate cash and cash equivalents. It helps the users in comparing
the present value of the future cash flows of the different organizations. It removes the
effects of using different accounting treatments for the repeated transactions and
events. In this way, it improves the comparison of the various enterprises‟ reporting
about operating performance. To know about the amount, timing and surety of future
cash flows, historical information about cash flow is used. It is also helpful in
checking the correctness of the past judgments of future cash flows. It also helps in
determining the relationship between cash flow and profitability and the effect of
inflation.

Cash flow statements are provided with the other financial statements in the annual
reports of the companies. The information provided in these statements helps the
users
 To find out the changes in net assets of an organization
 To find out the changes in the financial structure of an organization
 To find out the liquidity and solvency position of an organization
 To know about the ability of an organization to make changes in time
if the circumstances and opportunities are changing.

In this paper, a comparative study has been undertaken about the cash flow statement
between a public sector bank (State Bank of India) and a private sector bank (HDFC
Bank).

RESEARCH METHODOLOGY:-
 SAMPLE SELECTION
For the purpose of the study two (2) banks State Bank of India and HDFC Bank have
been selected.

 PERIOD OF STUDY
The study is conducted for a period of five (5) financial years i.e. from 2009–‟10 to
2013–‟14.

 DATA COLLECTION
In this study, mainly secondary data is collected. Secondary data has been obtained
from the following sources :
 Published Annual Reports of the companies for the financial years 2009-‟10 to
2013–‟14.
 Directory of Mumbai Stock Exchange
 Websites of the selected companies
 Other related websites
  OBJECTIVES
There are three important activities which are the significant parts of Cash Flow
Statements. The analysis of all these activities is undertaken with the following
objectives:
(1) To study the trend of various activities such as Operating, Investing and
Financing of selected companies of chemical industry.

(2) To analyze the variation amongst three activities i.e. Operating, Investing and
Financing of the selected companies of chemical industry.

(3) To provide suggestions for improvement in Cash Management.

 HYPOTHESES

Considering the objectives of the study the following hypothesis were formed under
investigation:
(1) There is no significant difference between the trends of Operating activities of
the selected banks.

(2) There is no significant difference between the trends of Investing activities of

the selected banks.

(3) There is no significant difference between the trends of Financing activities of

the selected banks.

(4) There is no significant difference between the means of Operating activities of

the selected banks.

(5) There is no significant difference between the means of Investing activities of

the selected banks.

(6) There is no significant difference between the means of Financing activities of

the selected banks.

 STATISTICAL TOOLS AND TECHNIQUES

The statistical analysis technique is selected to analyze the Cash Flow Statements of
the companies understudy. For this, following techniques are being used:
 (1) Mean
(2) Standard Deviation
(3) Co – efficient of Variation
(4) T-Test

STATISTICAL ANALYSIS
MEAN, STANDARD DEVIATION AND CO-VARIANCE)

OPERATING INVESTING FINANCING

ACTIVITIES ACTIVITIES ACTIVITIES
YEAR
S.B.I. H.D.F.C. S.B.I. H.D.F.C. S.B.I. H.D.F.C.

2009-10 -1804.99 9389.89 -1761.52 -551.51 -3359.67 3598.91

2010-11 34282.27 -375.83 -1245.28 -1122.74 2057.11 1227.99

2011-12 -28468.59 -11355.61 -1648.56 -686.85 2147.66 3286.19

2012-13 21661.23 -1868.78 -1999.41 -858.88 -3259.72 9065.84

2013-14 14,107.42 8363.6 -3,105.67 -1591.26 3,811.17 5562.98

TOTAL 39777.34 4153.27 -9760.44 -4811.24 1396.55 22741.91

AVERAGE 7955.47 830.65 -1952.09 -962.25 279.31 4548.38

RANK 1 2 2 1 2 1

S.D. 24190.77 8474.28 700.18 411.29 3350.08 2956.20

RANK 2 1 2 1 2 1
CO-
VARIANCE 304.08 1020.19 -35.87 -42.74 1199.41 64.99

RANK 1 2 2 1 2 1
 Cash flow from
Cash flow from
Operating Activities
Investing Activities
40000
0

S.B.I.

S.B.I.

S.B.I.

S.B.I.

S.B.I.
H.D.F.C.

H.D.F.C.

H.D.F.C.

H.D.F.C.

H.D.F.C.
30000
-500
20000
-1000
2009-10 2010-11 2011-12 2012-13 2013-14
10000
-1500
0 -2000
S.B.I.

S.B.I.

S.B.I.

S.B.I.

S.B.I.
H.D.F.C.

H.D.F.C.

H.D.F.C.

H.D.F.C.

H.D.F.C.
-10000 -2500

-20000 -3000
2009-10 2010-11 2011-12 2012-13 2013-14

-30000 -3500

Cash flow from Financing Activities

12000

9000

6000

3000

0
S.B.I. H.D.F.C. S.B.I. H.D.F.C. S.B.I. H.D.F.C. S.B.I. H.D.F.C. S.B.I. H.D.F.C.

-3000
2009-10 2010-11 2011-12 2012-13 2013-14

-6000
TREND ANALYSIS OF AVERAGE, S.D. & CO-VARIANCE

26000.00
24000.00
22000.00
20000.00
18000.00
16000.00
14000.00
12000.00
10000.00
8000.00
6000.00
4000.00
2000.00
0.00
-2000.00
-4000.00 S.B.I. H.D.F.C. S.B.I. H.D.F.C. S.B.I. H.D.F.C.

OPERATING ACTIVITIES INVESTING ACTIVITIES FINANCING ACTIVITIES

AVERAGE S.D. CO-VARIANCE

FINDINGS :-
(1) From the table, it can be seen that the average of cash flow from operating
activities of S.B.I. is higher than that of H.D.F.C. Theoretically, higher the
average, higher will be the rank and vice versa. So, S.B.I. is given 1 st rank and
H.D.F.C. is given 2nd rank. But, the situation is totally different in investing
and financing activities. Accordingly, H.D.F.C. is given 1 st rank and S.B.I. is
given 2nd rank.

(2) In case of Standard Deviation, lower the value, higher will be the rank and
vice versa. Considering this aspect, it is observed that the S.D. for all the three
activities of H.D.F.C. bank is lower than the S.B.I. bank. So, for the three
activities, H.D.F.C. bank obtained 1 st rank and S.B.I. obtained 2nd rank.

(3) In case of Co-variance also, lower the value, higher will be the rank and vice
versa. Situation remains same in Co-variance also. Co-variance for all the
three activities of H.D.F.C. bank is lower than the S.B.I. bank. So, for all the
three activities, H.D.F.C. bank obtained 1st rank and S.B.I. obtained 2 nd rank.
 OVERALL CONCLUSION

Level of Operating Investing Financing

Performance Activities Activities Activities
Best S.B.I. H.D.F.C. H.D.F.C.
Poor H.D.F.C. S.B.I. S.B.I.

PAIRED T-TEST BETWEEN TWO MEANS

t-Test: Paired Two Sample for Means for Operating

Activities
S.B.I. H.D.F.C.
Mean 7955.468 830.654
Variance 585193367.6 71813343.55
Observations 5 5
Hypothesized Mean Difference 7124.82
df 4
t Stat -6.073E-07
t Critical two-tail 2.776445105
t-Test: Paired Two Sample for Means for Investing
Activities
S.B.I. H.D.F.C.
Mean -1952.088 -962.248
Variance 490253.44 169162.121
Observations 5 5
Hypothesized Mean Difference 989.84
df 4
t Stat -8.4438538
t Critical two-tail 2.77644511

t-Test: Paired Two Sample for Means Financing Activities

S.B.I. H.D.F.C.
Mean 279.31 4548.382
Variance 11223062.1 8739116.16
Observations 5 5
Hypothesized Mean Difference 4269.07
df 4
t Stat -3.572023598
t Critical two-tail 2.776445105
 HYPOTHESIS
ACCEPTED
ACTIVITIES tc tt
OR
REJECTED
OPERATING ACTIVITIES -6.07 2.78 ACCEPTED
INVESTING ACTIVITIES -8.44 2.78 ACCEPTED
FINANCING ACTIVITIES -3.57 2.78 ACCEPTED

HYPOTHESIS TESTING :-
(1) In case of operating activities, the trend for average, standard deviation and
co-variance is different for both the banks. So, it can be said that the
hypothesis is rejected.

(2) But, for investing activities, the trend for average, standard deviation and co-
variance is equal for both the banks. So, it can be said that the hypothesis is
accepted.

(3) For financing activities also, the trend for average, standard deviation and co-
variance is equal for both the banks. So, it can be said that the hypothesis is
accepted.

(4) From the T-table, it is observed that the calculated value of t for operating
activities (-6.07) is less than the table value (2.78), the hypothesis is accepted.
It means that there is no significant difference between the means of operating
activities of selected banks.

(5) For Investing activities also, calculated value of t for operating activities (-
8.44) is less than the table value (2.78), the hypothesis is accepted. It means
that there is no significant difference between the means of investing activities
of selected banks.

(6) For Financing activities also, calculated value of t for operating activities (-
3.57) is less than the table value (2.78), the hypothesis is accepted. It means
that there is no significant difference between the means of financing activities
of selected banks.
LIMITATIONS OF THE STUDY :-
This study is entirely based on the published financial statements of the company and
other information received from the company officials. So, all analysis is based on
this data. So it can be reliable to that extent.

(1) As the information is collected from limited sources, it is not possible to use
different tools and techniques of statistical analysis.

(2) The study is based on secondary data; the secondary data has its own
limitation.

(3) The entire study is limited to two banks only. It can be carried out by
including Industry.

BIBLIOGRAPHY :-

 C.R.Kothari, Research Methodology- Methods and Techniques.

 S.N. Maheshwari and S.K. Maheshwari – A Textbook of Accounting for

Management 2006 (1st edition), Vikas Publishing House Pvt. Ltd., New Delhi-
110014.

 Dr. P. C. Tulsian – Financial Management, 2009, First Edition, S. Chand &

Co. Ltd., Ram Nagar, New Delhi – 110 055.

 M. Y. Khan, P. K. Jain, Financial Management 2001, Third Edition, Tata

McGraw – Hill, Publishing Company Ltd., New Delhi.

 N Ramchandran, Ram Kumar Kakani – How to Read a Cash Flow Statement

2010, The Mcgraw Hill Education Private Limited, West Patel Nagar, New
Delhi – 110008.

 Debarshi Bhattacharyya – Management Accounting, 2010, Dorling Kindersley

(India) Pvt. Ltd., Panchsheel Park, New Delhi - 110017.