This book provides a thorough introduction to financial accounting, focusing on the application of IFRS standards. The book begins by explaining the basics of accounting, such as the purpose of financial statements and the accounting cycle. A key section delves into merchandising operations and how businesses account for inventory, sales, and the cost of goods sold. The book also addresses the importance of fraud prevention and internal controls, particularly in cash management. A chapter on corporations outlines the organization of a business, share transactions, and equity management.Throughout, practical examples and exercises reinforce the concepts, making it accessible to both students and professionals. This edition provides the most up-to-date IFRS standards, ensuring its relevance in today’s global accounting environment.
