AFM: Concepts and Practice · Part A: Accounting Principles and Processes

Chapter 1: Accounting: scope, standards and Ind AS

What accounting does and for whom, the concepts under every account, and India’s standards.

Buyers of the e-book, or of the print copy, which includes it, read the whole chapter. Everyone can read the free sample, pages 1 to 24 of the e-book.

In this chapter

• 1.1What accounting is, and who uses itp. 3
• 1.2Concepts and conventionsp. 4
• 1.3Accrual and matchingp. 5
• 1.4The accounting equationp. 6
• 1.5Accounting standards: AS and Ind ASp. 7
• Exam traps and quick checksp. 8
• Practice: 16 questions in three roundsp. 9
• Answers, with every wrong option explainedp. 11
• Make it stickp. 13
• Chapter 1 on one pagep. 14

Corrections and updates

None for this chapter so far. Every correction to the book, and any rule that changes after its date, is listed on the errata page.