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How to Master Principles of Accounting with Sohail Afzal's Book for I Com Part 1 in Pdf Format

Principles of Accounting I Com Part 1 by Sohail Afzal Pdf 11

If you are a student of intermediate commerce (I Com) in Pakistan and you are looking for a comprehensive and reliable book on principles of accounting, then you should consider reading Principles of Accounting I Com Part 1 by Sohail Afzal Pdf 11. This book is written by a renowned author and teacher, Sohail Afzal, who has more than 30 years of experience in teaching accounting at various levels. In this article, we will give you an overview of what principles of accounting are, what I Com Part 1 is, who Sohail Afzal is, and why you should read his book. We will also provide you with some information on how to download and access the book online.

Principles Of Accounting I Com Part 1 By Sohail Afzal Pdf 11

What is Principles of Accounting?

Principles of accounting, also known as financial accounting, is the branch of accounting that deals with recording, summarizing, analyzing, and reporting the financial transactions and events of a business or an organization. It follows certain rules and standards that are generally accepted by the accounting profession and the regulatory bodies. The main purpose of principles of accounting is to provide useful information to the external users, such as investors, creditors, customers, suppliers, government agencies, etc., who are interested in the financial performance and position of the business or the organization.

Definition and scope of accounting

According to the American Institute of Certified Public Accountants (AICPA), accounting is "the art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least, of financial character, and interpreting the results thereof". Accounting covers a wide range of activities, such as identifying, measuring, recording, classifying, summarizing, analyzing, interpreting, communicating, and reporting financial information.

Branches of accounting

Accounting can be divided into several branches or fields, depending on the nature and purpose of the information. Some of the major branches of accounting are:

  • Financial accounting: It deals with preparing and presenting financial statements that reflect the financial position and performance of a business or an organization for a specific period.

  • Management accounting: It deals with providing financial and non-financial information to the internal users, such as managers, employees, owners, etc., who are involved in planning, controlling, decision making, and performance evaluation.

  • Cost accounting: It deals with recording, analyzing, and allocating the costs incurred in producing or providing goods or services.

  • Auditing: It deals with examining and verifying the accuracy and reliability of the financial statements and other information prepared by a business or an organization.

  • Taxation: It deals with calculating and paying taxes to the government authorities according to the applicable laws and regulations.

  • Accounting information systems: It deals with designing, developing, implementing, maintaining, and securing the computerized systems that process and store accounting data.

Users of accounting information

Accounting information is useful for various users who have different needs and objectives. Some of the main users of accounting information are:

  • Owners: They use accounting information to assess the profitability, liquidity, solvency, growth potential, risk exposure, etc., of their investment in a business or an organization.

  • Managers: They use accounting information to plan, organize, direct, coordinate, control monitor evaluate improve etc., the operations activities resources etc., of a business or an organization.

  • Employees: They use accounting information to negotiate their wages salaries benefits incentives etc., to evaluate their performance productivity efficiency etc., to participate in decision making problem solving etc., to protect their rights interests welfare etc.

  • Investors: They use accounting information to decide whether to buy sell hold etc., the shares bonds debentures etc., issued by a business or an organization.

  • Creditors: They use accounting information to decide whether to lend borrow extend etc., money or credit to a business or an organization.

  • Customers: They use accounting information to decide whether to buy return exchange etc., goods or services from a business or an organization.

  • Suppliers: They use accounting information to decide whether to sell deliver supply etc., goods or services to a business or an organization.

  • Government agencies: They use accounting information to regulate supervise monitor tax etc., a business or an organization.

  • Society: They use accounting information to evaluate the social environmental ethical etc., impact responsibility contribution etc., of a business or an organization.

What is I Com Part 1?

I Com Part 1 is the first year or part one (Part-I) / 11th Class / XI / HSSC-I / Intermediate Level (HSSC-I) course for intermediate commerce (I Com) students in Pakistan. It is offered by various Boards of Intermediate & Secondary Education (BISEs) across Pakistan. The course aims to provide students with basic knowledge skills concepts principles methods techniques tools etc., related to commerce trade business industry finance economics management marketing banking insurance taxation law etc. The course also prepares students for further studies in commerce-related fields at higher levels.

Overview of the course

The duration of I Com Part 1 course is one academic year which consists of two terms semesters sessions etc. The course comprises six compulsory subjects and two optional subjects. The compulsory subjects are:

  • English

  • Urdu / Islamic Studies / Ethics

  • Principles of Economics

  • Principles of Commerce

  • Principles of Accounting

  • Business Mathematics / Computer Studies

The optional subjects are chosen from the following list: