The book, which is now in its sixth edition, has been updated and made simpler without compromising rigour or the way the chapters are structured and organised. The pedagogy is the same, but in order to make learning simple and comfortable for the readers, the pictures and examples have been rearranged and placed right after the presentation of a principle or topic. The book is still appropriate for executives in corporations and students learning financial accounting independently. The book is primarily designed for undergraduate and graduate management students enrolled in programmes like the MBA, MBA (Executive), MBA (online), PGDM, BMS, and BBA. Additionally, this book will be a reference for students preparing for professional accounting programmes like CA, CMA, and CS.