Fundamental financial and cost accounting

This textbook provides a thorough introduction to the principles and practices of financial and cost accounting, combining theory with practical applications for decision-making. It covers key topics, including cost classification, material and labour costing, overhead allocation, and the preparation of cost statements using absorption and marginal costing. The text also introduces financial accounting, detailing the preparation and analysis of financial statements such as the Statement of Profit or Loss and the Statement of Financial Position. With chapters on inventory management, payroll systems, and financial statement interpretation through ratio and trend analysis, this book equips readers with tools to assess organisational performance and improve resource efficiency. Designed for students, professionals, and business owners, it emphasises clarity, real-world examples, and step-by-step guidance, making it an essential resource for mastering the fundamentals of accounting and their application in both academic and professional contexts.