The thoroughly updated and rewritten edition continues to analyze and explain the applications of financial accounting. The new edition comes with the revised Schedule 3. Divided into 17 chapters, the book explains, with the help of tables, boxes and practical examples, all basic accounting principles. The book has been written in a student-friendly manner so that they can comprehend the subject with great ease. The book is intended primarily for the postgraduate students of management and also for the students preparing for CA, CS and ICWA. Besides, practising managers should find this book handy for analyzing financial statements. New to this edition The book comes along with revised Schedule 3 It also includes a new Section on Fund Flow Statement It is incorporated with additional Problems on cash flow statement and ratio analysis The text is prepared based on IFRS (International Financial Reporting Standards) module The book comes along with an accompanying CD containing chapter-wise PowerPoint presentations.