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Financial Accounting Books PDF: Every business entity requires a reliable internal system of accountability. A business accounting system helps in providing accountability by recording all activities regarding the creation of monetary inflows of revenue and monetary outflows of expenses resulting from operating activities. The accounting system provides the financial information that is needed to evaluate the effectiveness of current and past operations. The accounting system helps in maintaining the data that is required to present reports and shows the status of creditor liabilities, asset resources, and ownership equities of the business entity. A company uses a variety of methods and procedures which help them in understanding their financial health and assess the performance of their business.

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The field of financial accounting keeps financial statements that companies use to show their financial performance and position to people outside the company, creditors, suppliers, investors, and customers. It focuses on keeping records and analyzing and reporting on a company’s business transactions in order to generate statements that are used by internal and external shareholders to assess a company’s financial stability.

Accounting is as old as money itself. It was not as developed as it is today because, in the early stages of civilization, the number of transactions to be recorded was so small that each businessman used to check for himself all the transactions.

In India accounting was practiced twenty-three centuries ago as is clear from the book named “Arthashastra” written by Kautilya, King Chandragupta’s minister. The book not only relates to politics and economics but has also explained the art of proper keeping of accounts. However, the modern system of accounting based on the principles of the double entry system owes its origin to Luco Pacioli that first published the principles of the Double Entry System in 1494 in Venice in Italy.

Therefore, the art of accounting has been practiced for centuries but it is only in the late thirties that the study of the subject ‘accounting’ has been taken up seriously.

In any business, every transaction affects at least two accounts. The double-entry accounting format keeps the records of both effects of a transaction. In one account, the transaction is recorded as a debit and in another, it is recorded as a credit.

Debit entries account for an increase in assets which is what you own and expenses, what you spend, and a decrease in liability, equity, and income. However, credit entries account for a decrease in assets and expenses and an increase in liability (what you owe), equity, and income (what you receive).

The double-entry bookkeeping format is the most efficient way to keep tabs on a business’s financial growth and limit human errors in financial accounting, and the debit and credit entries must always be equal.

If you want to read more about financial accounting then you are at the right place. The team of Books Benefit brings their readers a selected selection of financial accounting books pdf all for free given down below.

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