PROJECT REPORT

(Submitted for the degree of B.com Honours in Accounting &

Finance under the University of Calcutta)

Title of the Project

ACCOUNTING STANDARD(3)
SUBMITTED BY
Name of the candidate : RajnandiniRajak
Registration no

: 116-1221-0195-13

University Roll No

: 1116-51-0066

College roll no

: 3130013

Name of the college

: Surendranath College for Women

SUPERVISED BY
Name of the Superviser : Prof. SAMITA BANERJEE
Name of the college

: Surendranath College for Women

MONTH AND YEAR OF SUBMISSION

Feb, 2016

ANNEXURE 1

SUPERVISERS CERTIFICATE
This is to certify that Miss. Rajnandini Rajak a student of
B.com. Honours in Accounting & Finance of Surendranath College
for Women under the University of Calcutta has worked under my
supervision and guidance for her Project Report with the title
ACCOUNTING STANDARD(3) CASH FLOW which she is
submitting, is her genuine and original work to the best of my
knowledge.

Place :
Date :

Signature

:
: Prof. Samita

Name

Banerjee
Degisnation :

Name of the college :SURENDRANATH

WOMEN

COLLEGE FOR

ANNEXURE II

STUDENTS DECLARATION
I here by declare that the Project Work with the title
ACCOUNTING STANDARD(3) CASH FLOW submitted by me
for the partial fulfillment of the degree of B.com. Honours in
Accounting & Finance under the University of Calcutta in my
original work and has not been submitted earlier to any other
university / institution for the fulfillment of the requirement for
any other course of study.
I also declare that no chapter of this manuscript in whole or in
part has been incorporated in this report from any earlier work
done by other or me. However, extract of any literature which has
been used for this report has been duly acknowledgment
providing details of such literature in reference.

Place:

Signature

Date :

Name

: Rajnandini Rajak

Address

:351/1, B.B.D. Road

Hindmotor

Registration No. :116-1221-0195-13

University Roll No :1116-51-0066

ACKNOWLEDGEMENT
I owe my heart-felt gratitude, regard and respect to my
ever beloved supervisor, Prof Samita Banerjee,
Dept. of commerce, Surendranath College for Women, for
his valuable guidance, generous help, co-operation and
constant inspiration through out the work of the project.
On account of his timely supervision it would have been
possible on my part to complete the project work with in
due course of time.
I most respectfully acknowledge my deep sense of
gratitude to my honble teacher who has always given me
his sympathies, encouragements and valuable
suggestions during my entire course of study.
I am also greatful to the related staff of the library and
office of Surendranath College for Women for providing
continuous service supplying various data and
information necessary for my project work.

CONTENTS
CHAPTER
CHAPTER 1

CHAPTER 2

HEADINGS

PAGE
NO.
13

Introduction
1-: Basic concept of the
project
a)Introduction of
accounting standard
b)Defination of cash flow
c)Importance of the
project
Objectives and
Methodology
a)Objectives of cash flow

1
1
2-3
4
4
5
6

b)Methodology of the study

c)Limitations of cash flow

CHAPTER 3

CHAPTER 4

Conceptual
framework
a)Concept
b)Advantage of cash
flow
c)Disadvantage of cash
flow
d)Scope of cash flow
e)Types of cash flow
Presentation of data,
analysis and project
finding
a)Analysis of Anju Ltd

7
5
6
7

815
8
8-9
9
10
10 15

16 - 19

CHAPTER 5

CHAPTER 6

Conclusion and
Recommendation
a)Conclusion
b)Recommendation
Bibiliography and
References

20 - 21
22

INTRODUCTION
ACCOUNTING STANDARD
Indian Accounting Standards (abbreviated as India AS) in India accounting
standards were issued under the supervision and control of Accounting
Standards Board (ASB), which was constituted in the year 1977. ASB is a
committee under Institute of Charted Accountants of India(ICAI).
Accounting Standards is to remove variations in the treatment of several
accounting aspects and to bring about standardization in presentation.
There are 32 Accounting standard in which I have choosen Accounting
Standard (3) CASH FLOW.
.Defination

of Cash Flow

Incomings and outgoings of cash, representing the operating

activities of an organisation.
In accounting, cash flow is the difference in amount of cash
available at the beginning of a period (opening balance) and the
amount at the end of that period (closing balance). It
is called positive if the closing balance is higher than the opening
balance, otherwise called negative. Cash flow is increased by
(1)selling more goods or services, (2) selling an asset, (3)
reducing costs, (4) increasing the selling price, (5) collecting
faster, (6) paying slower, (7) bringing in more equity, or (8) taking
a loan.

A company can use a cash flow statement to predict future cash flow, which
helps with matters in budgeting. For investors, the cash flow reflects a
company's financial health: basically, the more cash available for business
operations, the better. However, this is not a hard and fast rule. Sometimes
a negative cash flow results from a company's growth strategy in the form
of expanding its operations.
By adjusting earnings, revenues, assets and liabilities, the investor can get
a very clear picture of what some people consider the most important
aspect of a company: How much cash it generates and, particularly, how

much of that cash stems from core operations.

Importance of the project

The statement of cash flows provides insight that the balance sheet and
income statement do not, particularly in regard to a company's cash
position.
Investors, creditors, and managers use cash flow

information to make decisions about a companys ability

to meet obligations, or to take advantage of business
opportunities.
Information about a current periods cash flows provides
a basis for predicting the amount, timing and certainty of
future cash flows.
Cash flow information is also useful in evaluating the
liquidity, solvency, and financial flexibility of a company.
Liquidity refers to the ability of a company to pay its
current liabilities with existing liquid assets. Solvency is
the ability to pay all debts as they come due. A company

may wish to raise money by issuing shares, for instance.

Financial flexibility relates to the ability of a company to
use its resources to adapt to change and take advantage
of business opportunities as they arise.
Cash flow is the movement of money into or out of a business, project, or
financial product from operating, investing, and financing activities. It is
usually measured during a specified, finite period of time, or accounting
period. The measurement of cash flow can be used for calculating other
parameters that give information on a company's
value, liquidity or solvency, and situation. Without positive cash flow, a
company cannot meet its financial obligations .
Management is interested in the company's cash inflows and cash
outflows because these determine the availability of cash necessary to pay
its financial obligations. In addition, management uses cash flow for the
following:

To determine problems with a company's liquidity

To determine a project's rate of return or value

To determine the timeliness of cash flows into and out of

projects, which are used as inputs in financial models such as
internal rate of return and net present value

Being profitable does not necessarily mean being liquid. A company can fail
because of a shortage of cash even when it is profitable. Cash flow is
often used as an alternative measure of a company's profitability when it
is believed that accrual accounting concepts do not represent economic
realities.

For example, a company may be profitable but generate little operational

cash (as may be the case for a company that barters its products rather
than selling for cash or when its accounts receivable turnover is long).
In such cases if needed, the company may derive additional operating cash
by issuing shares, raising additional debt finance, or selling its assets. In
addition, cash flow can be used to evaluate the "quality"
of income generated by accrual accounting. When net income is
composed of large non-cash items, it is considered low quality.

OBJECTIVES AND METHODOLOGY

OBJECTIVES OF CASH FLOW

The objectives of cash flow is given below:-

(a) Measurement of Cash:

Inflows of cash and outflows of cash can be measured annually which arise
from operating activities, investing activities and financial activities .

(b) Generating Inflow of Cash:

Timing and certainty of generating the inflow of cash can be known which
directly helps the management to take financing decisions in future .

(c) Classification of Activities:

All the activities are classified into: operating activities, investing activities
and financial activities which help a firm to analyze and interpret its various
inflows and outflows of cash.

(d) Prediction of Future:

A Cash Flow Statement, no doubt, forecasts the future cash flows which
helps the management to take various financing decisions since
synchronization of cash is possible.

(e) Assessing Liquidity and Solvency Position:

Both the inflows and outflows of cash and cash equivalent can be known,
and, as such, liquidity and solvency position of a firm can also be
maintained as timing and certainty of cash generation is known, i.e. it helps
to assess the ability of a firm to generate cash .

(f) Evaluation of Future Cash Flows:

Whether the cash flow from operating activities are quite sufficient in future
to meet the various payments e.g. payment of expenses
/debts/dividends/taxes.

(g) Supply Necessary Information to the Users:

A Cash Flow Statement supplies various information relating to
inflows and outflows of cash to the users of accounting information in
the following ways:
(i)
To assess the ability of a firm to pay its obligations
(ii) To analyze and interpret the various transactions for future courses of
action;
(iii) To see the cash generation ability of a firm;
(iv) To ascertain the cash and cash equivalent at the end of the period.

(h) Helps the Management to Ascertain Cash

Planning:
No doubt a cash flow statement helps the management to prepare its cash
planning for the future and thereby avoid any unnecessary trouble .

METHODOLOGY FOR THIS STUDY

The methodology that informed this secondary data analysis study drew on
Glasers writing in the area of classic grounded theory (Glaser, 1978, 1998, 2001,
2003, 2005). The grounded theory method offers a rigorous, orderly guide for
theory development. Although structured and systematic, it is designed to allow the
researcher to be free of the structure of more forced methodologies. Its real
strength lies in its open-ended approach to discovery.
The four techniques that lie at the heart of the classic grounded theory method are:
coding (open and theoretical), constant comparative analysis, theoretical sampling
and theoretical saturation. These techniques are used to guide the analytical process
towards the development and refinement of a theory that is grounded in data.

However, unlike qualitative research which focuses on producing thick

descriptions of data, the grounded theorist focuses on organising ideas that emerge
from data, and conceptually transcends the data and develops ideas on a level of
generality higher in conceptual abstraction than the material being analysed
(Glaser, 2001). Classic grounded theory was chosen to conduct this secondary data
analysis in order to facilitate the first authors (LA) need to learn the principles and
procedures of classic grounded theory while actually conducting the secondary
data analysis.

LIMITATIONS of cash flow

Weve looked at all the benefits of a statement of cash flows, but there are
limitations and drawbacks. One of the major drawbacks is how information
can be manipulated in the statement of cash flows:
Management can delay paying suppliers to increase the net cash inflows
Management can buy goods using leasing arrangements, to avoid paying
cash.
Cash flows also dont reflect the earnings of the entity, although a
company should be cash positive to trade in the short term, if it is doing this
at the expense of sales, or is lossmaking, it may eventually cease trading.
None of the individual financial statements on their own show a full view
of the entitys performance.
Users of the financial statements should consider all parts of the financial
statements togather, and also other non-financial information about the
company to assess its performance.
Cash flow can be more precisely measured than can other concepts of
funds because the valuation problem of cash are not as great as for other
financial resources. However, movement of cash may be easily influenced.

For example, payment of liabilities may be temporarily delayed or marketable securities may be sold, increasing cash flow for a given period.

c This statement, since it does not cover non-cash items, is not useful in
analysing changes in financial position of an enterprise. Cash and changes
in cash are not adequate to measure change in financial position. For
instance, an enterprise may possess very satisfactory financial (cash)
position during a particular month. But if the firm has to pay Creditors next
month, or make payments for the plant purchased in the near future, the
cash position of the firm will be adversely affected.
In this way statement of changes in financial position measured through
cash only has drawbacks and does not indicate accurately the changes in
financial position. The statement has utility for making short term financial
planning but for long-term planning this statement would not be useful.
Because of the limited usefulness of statement of changes in cash, the
preparation of statement of changes in working capital (popularly known as
funds flow statement) has been suggested.

CONCEPTUAL FRAMEWORK
In order to understand the concepts of cash flow structures, it is essential to
first understand what a cash flow statement is.

A cash flow statement is among the most vital financial statements for a
business or project. The cash flow statement can simply be one page
analysis or may comprise of several schedules that feed significant
information into a core or central statement. It refers to a listing of the cash
that is brought in and out of the project or business. Taking an example of a
checking account in a bank, the cash inflow is represented by deposits
while the cash outflows are represented by withdrawals that one makes in a
bank. The balance in ones checking account represents the net cash flow
at a certain point of time. A cash flow statement may also be defined as a
listing of cash flows, which occurred in the past accounting period (Rich,
2010). A cash flow budget refers to a projection of future cash flows. A
statement of cash flow is concerned with the amount both the amount and
timing of cash flows.
A majority of cash flows are constructed with multiple periods of time. For
example, the statement may list cash flows of each month over a time of
one year. It projects the balance of cash remaining at the end of each
month and years

ADVANTAGES OF CASh FLOW

The advantage of cash flow are given below:It shows the actual cash position available with the company between the
two balance sheet dates which funds flow and profit and loss account are
unable to show and therefore it is important to make a cash flow report if
you want to know about the liquidity position of the company.
It helps the company in making accurate projections regarding the future
liquidity position of the company and hence arrange for any shortfall in
money by making arrangements in advance and if there is excess than it
can help the company in earning extra return out if idle funds.
It acts like a filter and is used by many analyst and investors to judge
whether company has prepared the financial statements properly or not
because if there is any discrepancy in the cash position as shown by
balance sheet with cash flow statement than it means that statements are
incorrect.

DISADVANTAGE OF CASH FLOW

Companies often have an interest in making profits and generating cash
for future business operations. While both activities typically have a close
relationship, one may dominate the other. While cash is king in business,
focusing solely on cash flow generation may be a disadvantage for a
business. These drawbacks often require the business to balance its
operations.
Cash flow generation may lead to lower sales. Selling goods and services
involve cash receipts or allowing customers to pay over time, using an
accounts receivable setup. Accounts receivable allow customers to pay
outstanding balances off over time, such as 30 or 60 days. An issue with
accounts receivable is the delayed cash collections. Cash flow decreases
as accounts receivable increases. Companies that focus more on
generating cash flow by selling goods and services for cash can have a
myopic outlook in business.
Cash flow accounting may increase workloads in accounting. Accountants
must record and report activities based on cash rather than traditional
accrual accounting. In some cases, accountants may need to keep
separate ledgers or accounts for measuring cash flow movement. The cash
budget is an additional tool a company uses to track cash flow generation.
This budget is outside of all the other budgets a company may also use in
normal operations. Matching the cash budget with others is an extra activity
for accountants.
The statement of cash flows is an additional statement accountants
prepare at month end. This statement takes information from the
companys income statement and balance sheet. In short, the statement of
cash flows transforms a companys accrual-based income statement into a
cash basis report. The statement of cash flows is often difficult to prepare
as it takes standard accounting information and reverses its effect for cash
flow purposes. The additional reporting must also meet generally accepted
accounting principles and other requirements.

SCOPE OF CASH FLOW

1. Consolidated cash flow is a financial statement that presents
information about the company's cash receipts and disbursements

during the accounting period.

2. The purpose of cash flow statement is to provide information on sources
and uses of cash and cash equivalents during the period of accounting and
cash reconciliation at the beginning of the period with cash at the end of the
period plus the cash equivalent balances.
3. The general form of the cash flow statement shows cash receipts and
disbursements are divided into three categories, namely: cash flow from
operating activities, cash flows from investing activities and cash flows
arising from financing activities.
4. Operating activities are the principal revenue-producing activities of the
company (principal revenue producing activities) and other activities that
are not investing activities and financing activities. Cash flows from
operating activities can be reported with the use of two methods, either
directly or indirectly.
5. Investment activity is the acquisition and disposal of long-term assets
and other investments that do not include cash equivalents.

TYPES OF CASH FLOW

Cash Flow statement also known as statement of
cash flows is a statement which shows the changes
in the cash position of an organization between 2
periods. Along with showing the changes in the
cash position of an organization, it also depicts the
reasons for such change during the period.

PREPARATION OF CASH FLOW STATEMENT

Cash flow statement is required to be prepared using
International Accounting Standard 7 (or using the AS 3 in
India), while preparing the cash flow statement, the cash
flow during the period are classified into three
categories:A)Cash flow from Operating Activities(Direct method/
Indirect method)
B)Cash flow from Investing Activities
C)Cash flow from Financing Activities
Classification by activities provides information that allow
users to assess the impact of those activities on the
Financial position of the enterprise. This information also
helps in evaluation the inter-relationship between these
activities.

CASH FLOWS FROM OPERATING ACTIVITIES

Cash flow from operating activities are primarily derived
from the principle Revenue producing activities of the
enterprise.
There are 2 methods of preparing the cash flows from
Operating Activities:1)Direct Methods
2)Indirect Methods
1:- Cash flow from Operating Activities- DIRECT

METHOD
While preparing the cash flow statement as per Direct
Method, Actual cash receipt from Operating Revenue and

Actual Cash Payments for Operating Activities are

arranged and presenting in the cash flow. The difference
between Cash Receipts and Cash Payments is the Net
cash flow operating activities under the Direct Method.
While preparing the cash flow statement as per direct
method items like depreciation, amortization of intangible
assets, preliminary expenses, debenture discount etc. are
ignored from cash flow statement since the direct method
includes only cash transactions and non-cash
transactions are omitted.
Format for computation of cash flow from operating
activities as per Direct Method:Particular
Cash Receipts from customer
Cash paid to suppliers and employees
Cash generated from operation
Income Tax Paid
Cash flow before extra-ordinary items
Extra-ordinary items
Net cash from Operating Activities(Direct
Method)

Amount
s
xxx
xxx
xxx
xxx
xxx
xxx
xxx

2:- Cash flow from Operating Activities- Indirect

Method
While preparing the Cash flow statement as per the
indirect method, the Net profit/ loss for the period is
used as the base and than adjustments are made for
items that affected the Income statement but did not
affect the cash. The indirect method of preparing cash

flow statement is a partial conversion of accrual basis

profit to cash basis profit. Further necessary adjustments
are made for increase/decrease in current assets and
current liabilities to obtain net cash flows from operating
activities as per the Indirect method.

Format of cash flow from Operating ActivitiesIndirect Method

Particular
Net profit before tax and extra-ordinary
items
Adjustments For

Amount
s
xxx

-foreign exchange

xxx
xxx

-Investments

xxx

-Interest dividend

xxx

-Gain or loss on sale of fixed assets

xxx

Operating Profit before working capital

changes
Adjustment for

xxx

-Trade and other receivable

xxx

-Inventories

xxx

-Trade Payable

xxx

Cash generated from Operations

-Interest paid

xxx
(xxx)

-Direct tax

(xxx)

-Depreciation

Cash before extra-ordinary items

xxx

Deferred Revenue

xxx

Net cash flow from Operating

Activities(Indirect Method)

xxx

CASH FLOW FROM INVESTING ACTIVITIES

The activities of acquisition and Disposal of

long term Assets and other Investment not
included in cash evaluation are Investing
Activities.
Format for cash flow from Investing
Activities
Particular
Purchase of fixed assets

Amounts
(xxx)

Proceeds from sale of fixed assets

xxx

Interest received

xxx

Dividend received

xxx

Net cash flow from Investing Activities

xxx

CASH FLOW FROM FINANCING ACTIVITIES

Financing Activities are those activities which result
in a change in the size and composition of owners
capital and borrowing of the organisation.

Format for cash flow from Financing

Activities
Particular

Amoun
ts

Proceeds from Issue of share capital

xxx
xxx
(xxx)
(xxx)
(xxx)
xxx

Proceeds from long term borrowing

Replacement of long term borrowing
Interest paid
Dividend paid
Net cash flow from Financing Activities

The comprehensive format of the complete

cash flow statement is as follow:Particular

Amou
nts

Cash flow from Operating

activities(Direct/Indirect method)

xxx

Add:- Cash flow from Investing Activities

Add:- Cash flow from Financing Activities
(=)Net increase/Decrease in cash

xxx
xxx
xxx

Add:- Opening Balance of cash & cash

equivalent
(=)Closing Balance of cash & cash
equivalent

xxx
xxx

PRESENTATION OF DATA,
ANALYSIS AND PROJECT FINDING
Analysis of Anju Ltd
Problem:- The following is the summary of cash transaction of
Anju Ltd for the year ended March 31, 2011

Receipts

Rs.

Payments

Rs.

Balance as on
1.04.2010

150

Payment to creditor

6000

Issue of equity share

900

Purchase of fixed
assets

600

Receipts from
customer

8400

Expenses

600

Sale of fixed assets

300

Wages and salaries

300

Tax

750

Dividend

150

Payment of bank loan

900

Balance as on
31.30.2011

450

9750

Particular

9750

Rs

Rs

1)Cash flow from Operating Activity

Receipt from customer

8400

Payment of creditor
Payment of wages and salaries

(6000)
(300)

Payment of overhead expenses

Cash from Operation

(600)
1500

Payment of Tax
Net cash flow from Operating Activity

(750)
750

2)Cash flow from Investing Activity

Proceeds of sale of fixed assets
Acquisition of fixed asset

300
(600)

Net cash flow from Investing Activity

3)Cash flow from Financial Activity

(300)

Proceeds on issue of share

900

Payment of dividend

(150)

Payment of bank loan

(900)

Net cash flow from Financial Activity

Net cash flow for the year ended
31.3.2011
Cash balance at the beginning of the
periods
Cash balance at the end of the year

Solution:-

(150)
300
150
450

800
600
400
200
0
-200

-400

The performance evaluation can be examined with the

use of different techniques-accounting. All these
techniques have certain limitations and merits. To come
to the reasonable conclusion apart from accounting
analysis the use of. By cash flow statement the trend and
measurement of three activities to be done for evaluation
purpose. This helps to know variation of respective
activities for given period of time from its coverage. The
result is we obtain the cash of the year.

LIMITATION FOR THIS STUDY

Every researcher tries to give justice to his research. Yet
there are some limitations to this findings because we
have to depend on information given by some published
or unpublished records and other sources. So, the further
research can be carried out by considering the aspects
given below. This study is entirely based on the published
financial statements of the company and other
information received from the company officials. So, all
analysis is based on this data. SO it can be reliable to that
extent.
As the information is collected from limited sources, it is
not possible to use different tools and techniques of.
The study is based on secondary data, the secondary
data has its own limitation.
Some external factors also could affect directly or
indirectly to the companies efficiency. But it is not easy to
judge completely right about then.
The entire study is limited in company it can be carried
out by including industry.

CONCLUSION AND RECOMMENDATION

The objective of the statement of cash flow is to facilitate an

understanding of the financial consequences of business activities
by providing detail pertaining to the sources and uses of a
company's cash. While the income statement and balance sheet
are based on accrual

accounting, the statement of cash flow is intended to represent

the cash-flow consequences of business activities.

Most of the challenge with preparing, and ultimately

understanding, the statement of cash flow is due to a failure to
appreciate the relation between the statement of cash flow and
other financial statements.

The CFS provides relevant financial information about the

cash receipts and cash disbursements of a firm during a
fiscal year. This information is especially important to
shareholders and creditors. As part of their investment
return, shareholders often expect to receive dividends,
and the ability to pay cash dividends depends on the
availability of cash flows.
One of the most important areas for any investor to look when
researching a company is the financial statements. It is essential to
understand purpose of each part of the statement and how to interpret it.

Financial reports are required by law and are published both quarterly
and annually.
Management discussion give investors a better understanding of what
the company does and usually points out some key areas where they did
well.
Audited financial reports have much more credibility than unaudited
ones.
The balance sheet lists the assets, liabilities, and shareholder's equity.
For all balance sheets: Assets = Liabilities + Equity. These two sides
must always equal each other (balance).
The income statement includes figures such as revenue, expenses,
earnings, and earnings per share.
For a company, the top line is the revenue while the bottom line is net
income.
The income statement takes into account some non-cash items such as
depreciation. The cash-flow statement strips away all non-cash items
and tells you how much actual money the company generated.
The cash-flow statement is divided into three parts: cash from
operations, financing, and investing.
Always read the notes to the financial statements, they give you more indepth information on a wide range of figures reported in the 3 financial
statements.

BIBLIOGRAPHY AND REFERENCES

Anthony, Roberts N.: Management Accounting Taxes and Cases Homewood
Illinois Richard D. Irwin, 1998.
Adesh Sharma, Investment and Financing in Pesticides Industry in India, Indian
Journal of Finance and Research, Vol. V. No.2 July 1999.
N.K. Agarwal: Analysis of Financial Management, New Delhi, National
Publishing House, 2001.
A.VijaykumarandA. Venkatachalam, Working Capital and Profitability An
Empirical Analysis, The Management Accountant in Suger mill of Tamilnadu,
October 1995 Vol.20, No.4, October 1995, p. 246-254.
Bari R.R. : Cash Planning and Management, Delhi, Triveni Publication, 2000.
Baranek William : Working Capital Management, Belmont California Workshop
Publishing Company, 1998.
Bari R.R. (Ed.): Selected reading in cash management, Delhi Triveni Publication,
2000.
Brandit L.K. : Analysis for Financial Management, Englewood Cliffs N.J.:
Prentice Hall, 1996.
Brandley J.F.: Administrative Financial Management, 4th Ed., New York, Druden
Press, 1994
Brigham F. Biegene : Fundamental if Financial Management, New York, The
Dryden Press, 3rd Ed. 1999.

REFERENCES
Financial Management Theory and Practice(7th ed.). New Delhi,
India: Tata McGraw-Hill Education Private Limited.
The ICFAI University (2005). Financial Accounting & Financial
Statement Analysis_ Study Guide. Hyderabad
.