This book provides a comprehensive and balanced presentation of various accounting concepts, including the framework for the preparation of financial statements, and the Accounting Standards (AS). It aims to provide the students a thorough knowledge in the techniques of financial accounting. This new and thoroughly revised edition has been developed with fresh and updated content, in view of the recent changes in Accounting Standards and enactment of the Companies Act, 2013. Written primarily for undergraduate students pursuing B. Com, it will also be useful for the students aspiring to qualify professional examinations conducted by ICAI, ICSI, ICWAI etc.