Unit-1 Theoretical Framework of Financial Accounting

FINANCIAL ACCOUNTING

UNIT-1 THEORETICAL FRAME WORK OF FINANCIAL

ACCOUNTING

Origin of Accounting:
Accounting originated to meet the requirements of exchange of goods
and commodities. The need for accounting grew in order to serve the
transactions of the business-world. The origin of accounting cannot be
exactly located.
The value of money or the use of currency, that now we attach to the
goods to-day, was unknown to the people of ancient times when
barter system existed. Later, innovation of money facilitated to ease
exchange of commodities.
The credit transactions necessitated to maintain accounts, and
accounting is as old as business itself. Accounting was practiced in
India, from ancient time, as is clear from the book Arthashastra
written by Kautilya, the minister of King Chandra Gupta.
In 1494, the system of book-keeping was first conceived on scientific
line in Venice by Luca Pacioli, a Fraciscan monk. The book titled De
Computic at Scripturies (Italian) dealt with the use of memorandum
book, journal and ledgers.

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Unit-1 Theoretical Framework of Financial Accounting

This work was translated and published in English by Hugh Old

Castle in 1543. Later, James Pule improved the method of book-
keeping for the purposes of accounts of debtors and creditors.
Thereafter, many works was published.
The most important of them was the published work on
accounting in 1795 by Edward Jones, who innovated two columns in
the journal entries. From time to time, various innovations were
introduced.
The modern system of accounting based on the principles of
Double Entry System owes its origin to Luca Pacioli. The art of
accounting has been practiced for centuries but only since the late
thirties it has been seriously taken up.
Meaning of Accounting:
The modern system of accounting is based on what is known as
the Double Entry principle Accounting is a science because it has
some definite objects to be fulfilled and is an art as it prescribes the
process through which the object can be achieved. Non-financial
transactions cannot be recorded in accounting, i.e., only transactions
of financial nature are the subject-matter of accounting.

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Unit-1 Theoretical Framework of Financial Accounting

Definition of Financial Accounting:

Financial Accounting is concerned with providing information to
external users. It refers to the preparation of general purpose reports for
use by persons outside a business enterprise, such as shareholders (existing
and potential), creditors, financial analysts, labour unions, government
authorities, and the like.
Financial accounting is oriented towards the preparation of financial
statements which summarise the results of operations for selected
periods of time and show the financial position of the business at
particular dates.
Importance of Accounting
1. Keeps a record of business transactions
Accounting is important, as it keeps a systematic record of the
organization’s financial information. Up-to-date records help users
compare current financial information to historical data. With full,
consistent, and accurate records, it enables users to assess the
performance of a company over a period of time.
2. Facilitates decision-making for management
Accounting is especially important for internal users of the
organization. Internal users may include the people that plan,
organize, and run companies. The management team needs
accounting in making important decisions. Business decisions may
range from deciding to pursue geographical expansion to, instead,
improving operational efficiency.

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Unit-1 Theoretical Framework of Financial Accounting

3. Communicates results
Accounting helps to communicate company results to various users.
Investors, lenders, and other creditors are the primary external users
of accounting information. Investors may be deciding to buy shares in
the company, while lenders need to analyze their risk in deciding to
lend. It is important for companies to establish credibility with these
external users through relevant and reliable accounting information.
4. Meets legal requirements
Proper accounting helps organizations ensure accurate reporting of
financial assets and liabilities. Tax authorities, such as the U.S.
Internal Revenue Service (IRS) and the Canada Revenue Agency
(CRA), use standardized accounting financial statements to assess a
company’s declared gross revenue and net income. The system of
accounting helps to ensure that a company’s financial statements are
legally and accurately reported

Functions of Accounting:

1. Record Keeping Function:

The primary function of accounting relates to recording, classification and
summary of financial transactions—journalisation, posting, and
preparation of final statements. These facilitate to know operating results
and financial positions.

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Unit-1 Theoretical Framework of Financial Accounting

The purpose of this function is to report regularly to the interested parties

by means of financial statements. Thus accounting performs historical
function, i.e., attention on the past performance of a business; and this
facilitates decision making programme for future activities.

2. Managerial Function:
Decision making programme is greatly assisted by accounting. The
managerial function and decision making programmes, without
accounting, may mislead. The day-to-day operations are compared with
some pre-determined standard. The variations of actual operations with
pre-determined standards and their analysis is possible only with the help
of accounting.

3. Legal Requirement Function:

Auditing is compulsory in case of registered firms. Auditing is not
possible without accounting. Thus accounting becomes compulsory to
comply with legal requirements. Accounting is a base and with its help
various returns, documents, statements etc., are prepared.

4. Language of Business:
Accounting is the language of business. Various transactions are
communicated through accounting. There are many parties—owners,
creditors, government, employees etc., who are interested in knowing the
results of the firm and this can be communicated only through accounting.
The accounting shows a real and true position of the firm or the business.
.

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Unit-1 Theoretical Framework of Financial Accounting
Users of Accounting Information
The progress and reputation of any business firm is built upon the
sound financial footing. There are a number of parties who are
interested in the accounting information relating to business.
Accounting is the language employed to communicate financial
information of a concern to such parties.

According to Slawin and Reynolds, “Conceptually, accounting is the

discipline that provides information on which external and internal
users of the information may base decisions that result in the
allocation of economic resources in society”.
That is, users of accounting information may be grouped into two
classes, viz., internal users and External users.

(A) Internal Users:

Internal users of accounting information are those persons or groups
which are within the organization.
Following are such internal users:

1. Owners:
The owners provide funds or capital for the organization. They
possess curiosity in knowing whether the business is being conducted
on sound lines or not and whether the capital is being employed
properly or not.

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Unit-1 Theoretical Framework of Financial Accounting
Owners, being businessmen, always keep an eye on the returns from
the investment. Comparing the accounts of various years helps in
getting good pieces of information. Properly kept accounts are good
proof in dispute, they determine the amount of goodwill and facilitate
in assessing various taxes.

2. Management:
The management of the business is greatly interested in knowing the
position of the firm. The accounts are the basis; the management can
study the merits and demerits of the business activity. Thus, the
management is interested in financial accounting to find whether the
business carried on is profitable or not. The financial accounting is the
“eyes and ears of management and facilitates in drawing future course
of action, further expansion etc.”

3. Employees:
Payment of bonus depends upon the size of profit earned by the firm.
The more important point is that the workers expect regular income
for the bread. The demand for wage rise, bonus, better working
conditions etc. depend upon the profitability of the firm and in turn
depends upon financial position. For these reasons, this group is
interested in accounting.

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Unit-1 Theoretical Framework of Financial Accounting
(B) External Users:
External users are those groups or persons who are outside the
organization for whom accounting function is performed.
Following are such external users:

1. Creditors:
Creditors are the persons who supply goods on credit, or bankers or
lenders of money. It is usual that these groups are interested to know
the financial soundness before granting credit. The progress and
prosperity of the firm, to which credits are extended, are largely
watched by creditors from the point of view of security and further
credit. Profit and Loss Account and Balance Sheet are nerve centres
to know the soundness of the firm.

2. Investors:
The prospective investors, who want to invest their money in a firm,
of course wish to see the progress and prosperity of the firm, before
investing their amount, by going through the financial statements of
the firm. This is to safeguard the investment. For this, this group is
eager to go through the accounting which enables them to know the
safety of investment.

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Unit-1 Theoretical Framework of Financial Accounting
3. Government:
Government keeps a close watch on the firms which yield good
amount of profits. The state and central Governments are interested in
the financial statements to know the earnings for the purpose of
taxation. To compile national accounts the accounting is essential.

4. Consumers:
These groups are interested in getting the goods at reduced price.
Therefore, they wish to know the establishment of a proper
accounting control, which in turn will reduce the cost of production,
in turn less price to be paid by the consumers. Researchers are also
interested in accounting for interpretation.

5. Research Scholars:
Accounting information, being a mirror of the financial performance
of a business organization, is of immense value to the research scholar
who wants to make a study into the financial operations of a particular
firm. To make a study into the financial operations of a particular firm
the research scholar needs detailed accounting information relating to
purchases, sales, expenses, cost of materials used, current assets,
current liabilities, fixed assets, long-term liabilities and shareholders’
funds which is available in the accounting records maintained by the
firm.

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Unit-1 Theoretical Framework of Financial Accounting
6. Financial Institutions:
Bank and financial institutions that provide loan to the business are
interested to know credit-worthiness of the business. The groups, who
lend money need accounting information to analyses a company’s
profitability, liquidity and financial position before making a loan to
the company. Further, they keep constant watch on the operating
results and financial position of the business through accounting data.

7. Regulatory Agencies:
Various Government departments such as Company law department,
Reserve Bank of India, Registrar of Companies etc. require
information to be filed with them under law. By examining this
accounting information they ensure that concerned companies are
following the rules and regulations.

Limitations of Accounting
Measurability
One of the biggest limitations of accounting is that it cannot measure
things/events that do not have a monetary value. If a certain factor, no
matter how important, cannot be expressed in money it finds no place
in accounting. Some very important qualities like management,
loyalty, reputation, etc find no place on the balance sheet or the
income statement.

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Unit-1 Theoretical Framework of Financial Accounting
No Future Assessment
The financial statements show the financial position of the firm on the
date of preparation. The users of the statement are more interested in
the future of the company in the short term and long term. However,
accounting does not make any such estimates. And due to the
dynamic nature of the business environment, a lot can change
between such dates.

Historical Costs
Accounting often uses historical costs to measure the values. This
fails to take into consideration factors such as inflation, price changes,
etc. This skews the relevance of such accounting records and
information. This is one of the major limitations of accounting.

Accounting Policies
There is no global standard in accounting policies. In India, we follow
the Accounting Standards. Americans follow the GAAP and then
there are the international standards, namely the IFRS. And if a global
company operates in more than one country, there may be confusion.
Not all accounting policies follow the same line of thinking, and
conflicts may arise due to this. It has long been said that the whole
world must agree on uniform accounting policies but this has not
happened yet.

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Unit-1 Theoretical Framework of Financial Accounting
Estimates
Sometimes in accounting estimation may be required as it is not
possible to establish exact amounts. But these estimates will depend
on the personal judgment of the accountant. And estimates are
extremely subjective in nature. They are basically a person’s guess of
future events. In accounting, there are many cases where such
estimates need to be made like provision of doubtful debt, methods of
depreciation, etc.

Verifiability
An audit of the financial statements does not guarantee the correctness
of such statements. The auditor can only assure that the statements are
free from error to the best of his judgment.

Errors and Frauds

Accounting is done by humans, so there will always be the scope of
human errors. There is also the fear of possible manipulation of
accounts to cover up a fraud. Since fraud is deliberate, it is that much
harder to spot. This is one of the most dreaded limitations of
accounting.

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 Unit-1 Theoretical Framework of Financial Accounting
Accounting principles

Accounting principles are the rules that an organization follows when

reporting financial information. A number of basic accounting
principles have been developed through common usage. They form
the basis upon which the complete suite of accounting standards have
been built. The best-known of these principles are as follows:

 Accrual principle. This is the concept that accounting

transactions should be recorded in the accounting periods when they
actually occur, rather than in the periods when there are cash flows
associated with them. This is the foundation of the accrual basis of
accounting. It is important for the construction of financial statements
that show what actually happened in an accounting period, rather than
being artificially delayed or accelerated by the associated cash flows.
For example, if you ignored the accrual principle, you would record
an expense only when you paid for it, which might incorporate a
lengthy delay caused by the payment terms for the associated supplier
invoice.

 Conservatism principle. This is the concept that you should

record expenses and liabilities as soon as possible, but to record
revenues and assets only when you are sure that they will occur. This
introduces a conservative slant to the financial statements that may
yield lower reported profits, since revenue and asset recognition may
be delayed for some time. Conversely, this principle tends to
encourage the recordation of losses earlier, rather than later.

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 Unit-1 Theoretical Framework of Financial Accounting

This concept can be taken too far, where a business persistently

misstates its results to be worse than is realistically the case.

 Consistency principle. This is the concept that, once you adopt

an accounting principle or method, you should continue to use it until
a demonstrably better principle or method comes along. Not
following the consistency principle means that a business could
continually jump between different accounting treatments of its
transactions that makes its long-term financial results extremely
difficult to discern.

 Cost principle. This is the concept that a business should only

record its assets, liabilities, and equity investments at their original
purchase costs. This principle is becoming less valid, as a host of
accounting standards are heading in the direction of adjusting assets
and liabilities to their fair values.

 Economic entity principle. This is the concept that the

transactions of a business should be kept separate from those of its
owners and other businesses. This prevents intermingling of assets
and liabilities among multiple entities, which can cause considerable
difficulties when the financial statements of a fledgling business are
first audited.

 Full disclosure principle. This is the concept that you should

include in or alongside the financial statements of a business all of the
information that may impact a reader's understanding of those

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 Unit-1 Theoretical Framework of Financial Accounting
statements. The accounting standards have greatly amplified upon this
concept in specifying an enormous number of informational
disclosures.

 Going concern principle. This is the concept that a business

will remain in operation for the foreseeable future. This means that
you would be justified in deferring the recognition of some expenses,
such as depreciation, until later periods. Otherwise, you would have to
recognize all expenses at once and not defer any of them.

 Matching principle. This is the concept that, when you record

revenue, you should record all related expenses at the same time.
Thus, you charge inventory to the cost of goods sold at the same time
that you record revenue from the sale of those inventory items. This is
a cornerstone of the accrual basis of accounting. The cash basis of
accounting does not use the matching the principle.

 Materiality principle. This is the concept that you should

record a transaction in the accounting records if not doing so might
have altered the decision making process of someone reading the
company's financial statements. This is quite a vague concept that is
difficult to quantify, which has led some of the more picayune
controllers to record even the smallest transactions.

 Monetary unit principle. This is the concept that a business

should only record transactions that can be stated in terms of a unit of
currency. Thus, it is easy enough to record the purchase of a fixed

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 Unit-1 Theoretical Framework of Financial Accounting
asset, since it was bought for a specific price, whereas the value of the
quality control system of a business is not recorded.

This concept keeps a business from engaging in an excessive level of

estimation in deriving the value of its assets and liabilities.

 Reliability principle. This is the concept that only those

transactions that can be proven should be recorded. For example, a
supplier invoice is solid evidence that an expense has been recorded.
This concept is of prime interest to auditors, who are constantly in
search of the evidence supporting transactions.

 Revenue recognition principle. This is the concept that you

should only recognize revenue when the business has substantially
completed the earnings process. So many people have skirted around
the fringes of this concept to commit reporting fraud that a variety of
standard-setting bodies have developed a massive amount of
information about what constitutes proper revenue recognition.

 Time period principle. This is the concept that a business

should report the results of its operations over a standard period of
time. This may qualify as the most glaringly obvious of all accounting
principles, but is intended to create a standard set of comparable
periods, which is useful for trend analysis.

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 Unit-1 Theoretical Framework of Financial Accounting

Accounting concepts

 Accruals concept. Revenue is recognized when earned, and

expenses are recognized when assets are consumed. This concept
means that a business may recognize revenue, profits and losses in
amounts that vary from what would be recognized based on the cash
received from customers or when cash is paid to suppliers and
employees. Auditors will only certify the financial statements of a
business that have been prepared under the accruals concept.

 Conservatism concept. Revenue is only recognized when there

is a reasonable certainty that it will be realized, whereas expenses are
recognized sooner, when there is a reasonable possibility that they
will be incurred. This concept tends to result in more conservative
financial statements.

 Consistency concept. Once a business chooses to use a specific

accounting method, it should continue using it on a go-forward basis.
By doing so, financial statements prepared in multiple periods can be
reliably compared.

 Economic entity concept. The transactions of a business are to

be kept separate from those of its owners. By doing so, there is no
intermingling of personal and business transactions in a company's
financial statements.

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 Unit-1 Theoretical Framework of Financial Accounting

 Going concern concept. Financial statements are prepared on

the assumption that the business will remain in operation in future
periods. Under this assumption, revenue and expense recognition may
be deferred to a future period, when the company is still operating.
Otherwise, all expense recognition in particular would be accelerated
into the current period.

 Matching concept. The expenses related to revenue should be

recognized in the same period in which the revenue was recognized.
By doing this, there is no deferral of expense recognition into later
reporting periods, so that someone viewing a company's financial
statements can be assured that all aspects of a transaction have been
recorded at the same time.

 Materiality concept. Transactions should be recorded when not

doing so might alter the decisions made by a reader of a company's
financial statements. This tends to result in relatively small-size
transactions being recorded, so that the financial statements
comprehensively represent the financial results, financial position,
and cash flows of a business.

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Unit-1 Theoretical Framework of Financial Accounting

Accounting Conventions
Conservatism
The accountant has to follow the conservatism principle of “playing
safe” while preparing financial statements, considering all possible
scenarios of loss while recording transactions. Two values occurred
while logging assets, i.e., Market value and Book Value, in general, a
lower value is considered since these conventions consider the worst-
case scenario. There are specific points used for criticizing such a
principle. In some instances, it’s observed that secret reserves are
being created by showing excess provision for bad debt and doubtful
debts, depreciation, etc. And this affects the principle of ‘true and fair
status of financial conditions.’
Consistency
Once a particular method is selected by the business while reporting
process, it should be followed consistently in ensuing years. This
principle is helpful for investors and analysts to read, understand, and
compare the financial statements of the company. If the company
wants to make a change in method, it should do so only with proper
reasons to make specific changes. There are certain points, which
criticize this principle, like considering certain items on a cost basis
while others at market value void the principle of consistency in
accounting. Still, accounting convention considers consistency in

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Unit-1 Theoretical Framework of Financial Accounting
reporting methods over the years and not consistency with line items
in comparison.

Full Disclosure
Relevant and important information regarding the financial status of
the company must be revealed in financial statements even after the
application of the accounting convention. E.g., Contingent Liabilities,
Law Suits against a business should be reported in adjoined notes in
the financial statements of the company.
Materiality
Materiality Concept includes the impact of event or item and its
relevance in financial statements. The accountant must report all such
events and items that might influence the decision of investors or
analysts. However, the information should be worthy of investigation
and should have high value than the cost of preparation of statements.
It means materiality allows an accountant to ignore certain principles
when items are not material. For, E.g., Low-cost assets like stationery,
cleaning supplies are charged under expense account instead of
regular depreciating assets. Such issues have very little importance.

List of ICAI’s Mandatory Accounting Standards (AS 1~29)

To know how many standards are issued by ICAI which are
mandatory, please refer the List of Mandatory Accounting Standards
of ICAI (as on 1 July 2017 and onwards) as under:

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Unit-1 Theoretical Framework of Financial Accounting
 AS 1 Disclosure of Accounting Policies: This Standard deals with
the disclosure of significant accounting policies which are followed in
preparing and presenting financial statements.

 AS 2 Valuation of Inventories: This Standard deals with the

determination of value at which inventories are carried in the financial
statements, including the ascertainment of cost of inventories and any
write-down thereof to net realisable value.
 AS 3 Cash Flow Statements: This Standard deals with the provision
of information about the historical changes in cash and cash
equivalents of an enterprise by means of a Cash Flow Statement
which classifies cash flows during the period from operating,
investing and financing activities.
 AS 4 Contingencies and Events Occurring After Balance Sheet
Date: This Standard deals with the treatment of contingencies and
events occurring after the balance sheet date.
 AS 5 Net profit or Loss for the period, Prior Period Items and
Changes in Accounting Policies: This Standard should be applied by
an enterprise in presenting profit or loss from ordinary activities,
extraordinary items and prior period items in the Statement of Profit
and Loss, in accounting for changes in accounting estimates, and in
disclosure of changes in accounting policies.
 AS 7 Construction Contracts: This Standard prescribes the
accounting for construction contracts in the financial statements of
contractors.

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Unit-1 Theoretical Framework of Financial Accounting

 AS 9 Revenue Recognition: This Standard deals with the bases for

recognition of revenue in the Statement of Profit and Loss of an
enterprise. The Standard is concerned with the recognition of revenue
arising in the course of the ordinary activities of the enterprise from:
a) Sale of goods; b) Rendering of services; and c) Interest, royalties
and dividends.
 AS 10 Property, Plant and Equipment: The objective of this
Standard is to prescribe the accounting treatment for property, plant
and equipment (PPE).
AS 11 The Effects of Changes in Foreign Exchange Rates: AS 11
lays down principles of accounting for foreign currency transactions
and foreign operations, i.e., which exchange rate to use and how to
recognise in the financial statements the financial effect of changes in
exchange rates.
AS 12 Government Grants: This Standard deals with accounting for
government grants. Government grants are sometimes called by other
names such as subsidies, cash incentives, duty drawbacks, etc.
AS 13 Accounting for Investments: This Standard deals with
accounting for investments in the financial statements of enterprises
and related disclosure requirements.

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Unit-1 Theoretical Framework of Financial Accounting
AS 14 Accounting for Amalgamations: This Standard deals with
accounting for amalgamations and the treatment of any resultant
goodwill or reserves.

 AS 15 Employee Benefits: The objective of this Standard is to

prescribe the accounting treatment and disclosure for employee
benefits in the books of employer except employee share-based
payments. It does not deal with accounting and reporting by employee
benefit plans.
 AS 16 Borrowing Costs: This Standard should be applied in
accounting for borrowing costs. This Standard does not deal with the
actual or imputed cost of owners’ equity, including preference share
capital not classified as a liability.
 AS 17 Segment Reporting: The objective of this Standard is to
establish principles for reporting financial information, about the
different types of segments/ products and services an enterprise
produces and the different geographical areas in which it operates.
 AS 18 Related Party Disclosures: This Standard should be applied
in reporting related party relationships and transactions between a
reporting enterprise and its related parties. The requirements of this
Standard apply to the financial statements of each reporting enterprise
and also to consolidated financial statements presented by a holding
company.

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Unit-1 Theoretical Framework of Financial Accounting
 AS 19 Leases: The objective of this Standard is to prescribe, for
lessees and lessors, the appropriate accounting policies and
disclosures in relation to finance leases and operating leases.

 AS 20 Earnings Per Share: AS 20 prescribes principles for the

determination and presentation of earnings per share which will
improve comparison of performance among different enterprises for
the same period and among different accounting periods for the same
enterprise.
 AS 21 Consolidated Financial Statements: The objective of this
Standard is to lay down principles and procedures for preparation and
presentation of consolidated financial statements. These statements
are intended to present financial information about a parent and its
subsidiary(ies) as a single economic entity to show the economic
resources controlled by the group, obligations of the group and results
the group achieves with its resources.
 AS 22 Accounting for Taxes on Income: The objective of this
Standard is to prescribe accounting treatment of taxes on income
since the taxable income may be significantly different from the
accounting income due to many reasons, posing problems in matching
of taxes against revenue for a period.
 AS 23 Accounting for Investments in Associates: This Standard
should be applied in accounting for investments in associates in the

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preparation and presentation of consolidated Financial Statements
(CFS) by an investor.
 

AS 24 Discontinuing Operations: The objective of AS 24 is to

establish principles for reporting information about discontinuing
operations, thereby enhancing the ability of users of financial
statements to make projections of an enterprise’s cash flows, earnings
generating capacity, and financial position by segregating information
about discontinuing operations from information about continuing
operations. AS 24 applies to all discontinuing operations of an
enterprise.
. AS 25 Interim Financial Reporting: This Standard applies if an
entity is required or elects to publish an interim financial report. The
objective of AS 25 is to prescribe the minimum content of an interim
financial report and to prescribe the principles for recognition and
measurement in complete or condensed financial statements for an
interim period.
 AS 26 Intangible Assets: AS 26 prescribes the accounting treatment
for intangible assets (i.e. identifiable non-monetary asset, without
physical substance, held for use in the production or supply of goods
or services, for rental to others, or for administrative purposes).

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Unit-1 Theoretical Framework of Financial Accounting
 AS 27 Financial Reporting of Interests in Joint Ventures: The
objective of AS 27 is to set out principles and procedures for
accounting for interests in joint ventures and reporting of joint venture
assets, liabilities, income and expenses in the financial statements of
ventures and investors.

 AS 28 Impairment of Assets: The objective of AS 28 is to

prescribe the procedures that an enterprise applies to ensure that its
assets are carried at no more than their recoverable amount. The asset
is described as impaired if its carrying amount exceeds the amount to
be recovered through use or sale of the asset and AS 28 requires the
enterprise to recognise an impairment loss in such cases. It should be
noted that AS 28 deals with impairment of all assets unless
specifically excluded from the scope of the Standard.
 AS 29 Provisions, Contingent Liabilities and Contingent
Assets: The objective of AS 29 is to ensure that appropriate
recognition criteria and measurement bases are applied to provisions
and contingent liabilities and that sufficient information is disclosed
in the notes to the financial statements to enable users to understand
their nature, timing and amount. The objective of this Standard is also
to lay down appropriate accounting for contingent assets.

Prof. Lakshmi V. MBA, M.Com, PGDHRM, MPhil, NET-JRF-(PhD)

Unit-1 Theoretical Framework of Financial Accounting

Prof. Lakshmi V. MBA, M.Com, PGDHRM, MPhil, NET-JRF-(PhD)