Financial accounting is a sub-field of accounting that deals with the summary, analysis and reporting of financial transactions with respect to a business. It is governed by both local and international accounting standards. It involves the preparation of financial statement available for public use. Statements of cash flow, statement of profit and loss, and statement of financial position are the three components of financial accounting. The objectives of financial accounting are systematic recording of transactions, ascertainment of result of above recorded transactions, ascertainment of the financial position of business, providing information to the users for rational decision-making and to know the solvency position. This book is a compilation of chapters that discuss the most vital concepts of financial accounting. It also provides significant information of this discipline and helps to develop a good understanding of financial accounting and related fields. The extensive content of this book provides the readers with a thorough understanding of the subject.