This book aims to be your trusted guide, providing a comprehensive overview of the fundamental principles, practices, and challenges in financial accounting and auditing. The book is primarily intended for the intelligent students and teachers of B.Com., B.B.A., B.C.A., M.Com., M.B.A. and M.C.A. and students of Indian Universities. It will prove to be a valuable early comparison to a young man who has just entered the portals of a significant career in accounting and auditing work after getting C.A. degree.