Description
Financial accounting is the art of explaining how a business has conducted its affairs, using money as the language. The preparation and audit of financial accounts are two of the essential tasks of the accountant while the company's annual report is the prime source of information for interested outsiders. such as shareholders, business rivals and the State.
This book presents a general view of modern financial accounting in the U.K. It includes the Standards of Accounting Practice and the legal requirements for published accounts. An explanation of how accounts are constructed is followed by a close examination of their uses and drawbacks. Problem areas are discussed in detail including the question of adjustments to deal with inflation-a major preoccupation in the accounting world today.
