Quote:
Originally Posted by mani1
Sir I dont understand how following foreign authors can be fatal? Reason being that accounting is a mathematical sort of subject and you either have a correct or incorrect answer. The approach may be different though e.g. trial balance may be constructed in two different ways but both ways are correct.
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Dear, Main difference is of termnology. You may not understand MCQs, one of requirements of the question or even a whole question. Its therefore recomended to go through local books. It is also preferable to use heads of accounts (Account titles) as Pakistani books use. If you see past papers they too have account titles in balance sheet, income statement, statement of cash flows and cash budget similar as in Local books.
Infact if you analyse every single book, be it foriegn or local, does have a different termnology. So its better to use terms from Local books.
Thoug I personal suggest develop your concepts through foriegn books and than practice local.
Ofcourse there are procedural differencs and different presentation styles. I personally believe these make no difference untill we have given checkers all the elements they reqquire ex, Dates in entries and in right format, correct order of accounts in Statements, Making statement, entries, ratios, calculations more readable.
Regards.