Financial accounting is a sub-field of accounting, which deals with the diverse aspects of summarizing, analyzing and reporting of data related to financial transactions in a business. Preparing financial statements for the public is an important aspect of this field. Financial accounting is subject to local and international accounting standards. The standard framework of guidelines is provided by the Generally Accepted Accounting Principles or GAAP. Financial accounting is of use to stockholders, bankers, suppliers, business owners and government agencies, among many others. This book is a valuable compilation of topics, ranging from the basic to the most complex theories and principles in the field of financial accounting.