Financial and Management Accounting An Introduction

Financial and Management Accounting An Introduction

Target readership
This book is targeted at a broad-ranging business studies type of first-level degree
course. It is intended to support the equivalent of one semester of 12 teaching weeks.
There is sufficient basic bookkeeping (ledger accounts) in the end-of-chapter supplements
to make the book suitable for those intending to pursue a specialised study of
accounting beyond the first level but the bookkeeping material is optional for those
who do not have such special intentions. The book has been written with undergraduate
students particularly in mind, but may also be suitable for professional and
postgraduate business courses where financial reporting is taught at an introductory
level.
Acknowledgements
I am grateful to academic colleagues and to reviewers of the text for helpful comments
and suggestions. I am also grateful to undergraduate students of five universities who
have taken my courses and thereby helped in developing an approach to teaching
and learning the subject. Professor Graham Peirson and Mr Alan Ramsay of Monash
University provided a first draft of their text based on the conceptual framework in
Australia which gave valuable assistance in designing the structure of this book, which
was also guided from the publishing side by Pat Bond and Ron Harper. Professor Ken
Shackleton of the University of Glasgow helped plan the structure of the management
accounting chapters. The Institute of Chartered Accountants of Scotland gave permission
for use of some of the end-of-chapter questions.
Subsequently I have received valuable support in successive editions from the
editorial staff at Pearson Education. For this latest edition I am grateful to colleagues
and students who have used the book in their teaching and learning. I have also been
helped by constructive comments from reviewers and by guidance from Matthew
Smith, Acquisitions Editor, and Sarah Wild, Senior Desk Editor.
Contents:
Part 1 A conceptual framework: setting the scene
Chapter 1 Who needs accounting?
Chapter 2 A systematic approach to financial reporting:
Chapter 3 Financial statements from the accounting equation
Chapter 4 Ensuring the quality of financial statements
Part 2 Reporting the transactions of a business
Chapter 5 Accounting information for service businesses
Part 3 Recognition in financial statements
Chapter 7 Published financial statements
Chapter 8 Non-current (fixed) assets
Chapter 9 Current assets
Chapter 10 Current liabilities
Chapter 11 Provisions and non-current (long-term) liabilities
Chapter 12 Ownership interest
Part 4 Analysis and issues in reporting
Chapter 13 Ratio analysis
Chapter 14 Reporting corporate performance
Chapter 15 Reporting cash flows
Part 5 Setting the scene and defining the basic tools of
management accounting
Chapter 16 Functions of management accounting
Chapter 17 Classification of costs
Chapter 18 Product costs: materials, labour and overheads
Part 6 Job costs and stock valuation
Chapter 19 Job costing
Part 7 Decision making
Chapter 20 Breakeven analysis and short-term decision making
Part 8 Planning and control
Chapter 21 Preparing a budget
Chapter 22 Standard costs
Chapter 23 Performance evaluation and feedback reporting
Part 9 Capital investment appraisal and business strategy
Chapter 24 Capital investment appraisal
Chapter 25 Business strategy and management accounting

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Accounting and Financial Management

Accounting and Financial Management

Business is one of the sources of earning income. Whenever a business is started, it requires investment of
certain amount which is called as capital. With this amount of capital the businessman may deal either with
trading business or manufacturing business. In a trading business, he will buy goods at a lesser price and
sells the same to others at a higher price. In case of manufacturing business, he has to buy raw materials and
incur other expenses in the form of wages and salaries, rent, power, insurance, tax, transport, postal and
telephone expenses and so on, in the course of production and distribution of goods. In a small sized
business the transactions are simple and less in number. But in a large sized business the transactions are
numerous. These business transactions enable the businessman to know the result of his business which
can be profit or loss for a given period of time. In order to know the result of his business, a businessman has
to remember all the transactions of his business. However, owing to lack of memory it is not possible for
anybody to remember all the transactions over a period of time. This has given rise to maintenance of a set of
accounting books in which business transactions are chronologically recorded. The systematic recording of
business transactions enable the businessman to account for every transaction without missing any item.
Such a system of maintenance of a set of accounting books to record business transactions is known as book
keeping system
Contents:
I. Accounting Theory
2. Journal
3. Ledger
4. Subsidiary Books
5. Cash Book
6. Bank Reconciliation
7. Final Accounts of Sole Traders
8. Final Accounts of Joint Stock Companies
9. Depreciation Accounting
10. Inventory Valuation
II. Meaning, Importance and Objectives of Financial Management
12. Analysis and Interpretation of Financial Statements
13. Ratio Analysis
14. Fund Flow Analysis
15. Capital Structure
16. Source of Capital
17. Working Capital Management
18. Capital Budgeting
19. Cost of Capital
20. Nature and Scope of Cost Accounting
21. Single or Output or Unit Costing
22. Marginal Costing
23. Cost-Volume-Profit Analysis
24. Buslgetary Control
25. Standard Costing

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