The reporting, summarizing and analysis of financial transactions through the production of financial statements, pertaining to an organization, is effectively under the field of financial accounting. These financial statements could be in the form of income statement, balance sheet, cash flow statement, etc. Capital maintenance and provision of financial information are the central objectives of financial reporting and accounting. This book on financial accounting, strives to present the advanced concepts and theories in extensive detail for a thorough understanding of the field. The topics covered herein offer the readers new insights in this field. In this book, using case studies and examples, constant effort has been made to make the understanding of the difficult concepts of financial accounting as easy and informative as possible, for the readers.