<?xml version="1.0" encoding="us-ascii"?><InstanceReport xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"><Version>2.4.0.8</Version><ReportLongName>0008 - Disclosure - Organization and Summary Of Significant Accounting Policies</ReportLongName><DisplayLabelColumn>true</DisplayLabelColumn><ShowElementNames>false</ShowElementNames><RoundingOption /><HasEmbeddedReports>false</HasEmbeddedReports><Columns><Column FlagID="0"><Id>1</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

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</LabelSeparator><Level>2</Level><ElementName>us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureAndSignificantAccountingPoliciesTextBlock</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="From2012-05-01to2013-04-30" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;p style="text-align: justify; text-indent: 0pt; margin: 0; font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Note 1 - Organization
and summary of significant accounting policies&lt;/b&gt;&lt;/p&gt;

&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="text-align: justify; text-indent: 0pt; margin: 0; font: 10pt Times New Roman, Times, Serif"&gt;Following is a summary of
our organization and significant accounting policies:&lt;/p&gt;

&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="text-align: justify; text-indent: 0pt; margin: 0 0 0 18pt; font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Organization
and nature of business &amp;#8211; &lt;/b&gt;Fulucai Productions Ltd. (identified in these footnotes as &amp;#8220;we&amp;#8221; or &amp;#8220;the Company&amp;#8221;)
is a Nevada corporation incorporated on March 26, 2010. The Company relocated its offices from Calgary, Alberta to New York, USA
concurrent with the appointment in April 2013 of a new officer and director. We intend to operate in the U.S. and Canada. Our fiscal
year end is April 30 for financial reporting purposes.&amp;#160;&amp;#160;Our website can be viewed at www.fulucai.tv.&lt;/p&gt;

&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="text-align: justify; text-indent: 0pt; margin: 0 0 0 18pt; font: 10pt Times New Roman, Times, Serif"&gt;Currently, we are
a television and movie production company.&amp;#160;&amp;#160;&amp;#160;Our initial plan of operation was to develop reality-based show concepts
for sale to television and Internet production interests.&amp;#160;&amp;#160;This planned development was expected to include the production
of &amp;#8220;trailers&amp;#8221;. Trailers are short videos that demonstrate the concept to potential buyers.&amp;#160;&amp;#160;&amp;#160;We developed
our first reality show, however, we were unable to find a buyer and we determined to undertake production of a full-length feature
film which has been completed and is currently licensed as further described herein.&lt;/p&gt;

&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="text-align: justify; text-indent: 0pt; margin: 0 0 0 18pt; font: 10pt Times New Roman, Times, Serif"&gt;In the current development
stage, we anticipate incurring operating losses as we implement our business plan.&lt;/p&gt;

&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="text-align: justify; text-indent: 0pt; margin: 0 0 0 18pt; font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Basis of presentation
- &lt;/b&gt;The accounting and reporting policies of the Company conform to U.S. generally accepted accounting principles applicable
to development stage enterprises.&lt;/p&gt;

&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="text-align: justify; text-indent: 0pt; margin: 0 0 0 18pt; font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Use of estimates
- &lt;/b&gt;The preparation of financial statements in conformity with generally accepted accounting principles requires management to
make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period.&amp;#160;&amp;#160;Actual
results could differ from those estimates.&lt;/p&gt;

&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="text-align: justify; text-indent: 0pt; margin: 0 0 0 18pt; font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Cash and cash
equivalents - &lt;/b&gt;For purposes of the statement of cash flows, we consider all cash in banks, money market funds, and certificates
of deposit with an original maturity of less than three months to be cash equivalents.&lt;/p&gt;

&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="text-align: justify; text-indent: 0pt; margin: 0 0 0 18pt; font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Fair value of
financial instruments and derivative financial instruments &lt;/b&gt;- The carrying amounts of cash and current liabilities approximate
fair value because of the short maturity of these items. These fair value estimates are subjective in nature and involve uncertainties
and matters of significant judgment, and, therefore, cannot be determined with precision.&amp;#160;&amp;#160;Changes in assumptions could
significantly affect these estimates.&amp;#160;&amp;#160;We do not hold or issue financial instruments for trading purposes, nor do we
utilize derivative instruments in the management of our foreign exchange, commodity price or interest rate market risks.&lt;/p&gt;

&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="text-align: justify; text-indent: 0pt; margin: 0 0 0 18pt; font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Fixed assets
- &lt;/b&gt;Property, plant and equipment is valued at cost less accumulated depreciation and impairment losses. If the costs of certain
components of an item of property, plant and equipment are significant in relation to the total cost of the item, they are accounted
for and depreciated separately. Depreciation expense is recognized using the straight-line method and is amortized over the estimated
useful life of the related asset. The following useful lives are assumed:&lt;/p&gt;

&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="text-align: justify; text-indent: 0pt; margin: 0 0 0 18pt; font: 10pt Times New Roman, Times, Serif"&gt;Furniture &amp;#38;
office equipment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 - 5 years&lt;/p&gt;

&lt;p style="text-align: center; text-indent: 0pt; margin: 0; font: 10pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;

&lt;p style="margin: 0pt 0pt 0pt 20pt"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="text-align: justify; text-indent: 0pt; margin: 0 0 0 20pt; font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Revenue recognition for
services &amp;#8211;&amp;#160;&lt;/b&gt;The Company recognizes revenue for services using &lt;i&gt;the completed performance method,&lt;/i&gt; which is applied
when&lt;i&gt;&amp;#160;&lt;/i&gt;more than one act must be performed to complete a service, and when the final act is so significant to the entire
transaction taken as a whole, that performance cannot be considered to have taken place until the performance of that final act
occurs, at which time revenue in respect of the service will be recognized.&lt;/p&gt;

&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="text-align: justify; text-indent: 0pt; margin: 0 0 0 18pt; font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Federal income
taxes&lt;/b&gt; - Deferred income taxes are reported for timing differences between items of income or expense reported in the financial
statements and those reported for income tax purposes in accordance with &lt;i&gt;ASC Topic 740&lt;/i&gt; regarding &lt;i&gt;Accounting for Income
Taxes&lt;/i&gt;, which requires the use of the asset/liability method of accounting for income taxes.&amp;#160;&amp;#160;Deferred income taxes
and tax benefits are recognized for the future tax consequences attributable to differences between the financial statement carrying
amounts of existing assets and liabilities and their respective tax bases, and for tax loss and credit carryforwards.&amp;#160;&amp;#160;Deferred
tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those
temporary differences are expected to be recovered or settled.&amp;#160;&amp;#160;The Company provides deferred taxes for the estimated
future tax effects attributable to temporary differences and carryforwards when realization is more likely than not.&lt;/p&gt;

&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="text-align: justify; text-indent: 0pt; margin: 0 0 0 18pt; font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Net income per
share of common stock&lt;/b&gt; &amp;#8211; We have adopted &lt;i&gt;ASC Topic 260&lt;/i&gt; &amp;#8220;&lt;i&gt;Earnings per Share&amp;#8221;&lt;/i&gt;, which requires
presentation of basic and diluted EPS on the face of the income statement for all entities with complex capital structures and
requires a reconciliation of the numerator and denominator of the basic EPS computation to the numerator and denominator of the
diluted EPS computation.&amp;#160;&amp;#160;In the accompanying financial statements, basic earnings per share of common stock is computed
by dividing net income by the weighted average number of shares of common stock outstanding during the period.&lt;/p&gt;

&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="text-align: justify; text-indent: 0pt; margin: 0 0 0 18pt; font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Development Stage
Company:&lt;/b&gt;&lt;/p&gt;

&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="text-align: justify; text-indent: 0pt; margin: 0 0 0 18pt; font: 10pt Times New Roman, Times, Serif"&gt;The accompanying
financial statements have been prepared in accordance with ASC Topic 915 "Accounting and Reporting by Development Stage Enterprises".
A development stage enterprise is one in which planned principal operations have not commenced or if its operations have commenced,
there has been no significant revenue therefrom. Development stage companies report cumulative costs from the enterprise's inception.&lt;/p&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>The entire disclosure for the organization, consolidation and basis of presentation of financial statements disclosure, and significant accounting policies of the reporting entity. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows.  Describes procedure if disclosures are provided in more than one note to the financial statements.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

 -Publisher AICPA

 -Name Accounting Principles Board Opinion (APB)

 -Number 22

 -Paragraph 8

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Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher AICPA

 -Name Statement of Position (SOP)

 -Number 94-6

 -Paragraph 10

 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



Reference 3: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

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 -Number 46R

 -Paragraph 4, 14, 15

 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



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