In this course, students will learn to maintain financial statements, Accounting Standards, Accounting of Banking, Electricity and insurance Companies, Departmental Accounting, Hire purchase, Lease, Bank Reconciliation Statement, Companies Final Accounts Etc. 

Financial accounting is a specialized branch of accounting that keeps track of a company's financial transactions. Using standardized guidelines, the transactions are recorded, summarized, and presented in a financial report or financial statement such as an income statement or a balance sheet.

At the heart of financial accounting is the system known as double entry bookkeeping (or "double entry accounting"). Each financial transaction that a company makes is recorded by using this system.

If financial accounting is going to be useful, a company's reports need to be credible, easy to understand, and comparable to those of other companies. To this end, financial accounting follows a set of common rules known as accounting standards or generally accepted accounting principles (GAAP, pronounced "gap").

Financial accounting generates the following general-purpose, external, financial statements:

1. Income statement (sometimes referred to as "results of operations" or "earnings statement" or "profit and loss [P&L] statement")
2. Balance sheet (sometimes referred to as "statement of financial position")
3. Statement of cash flows (sometimes referred to as "cash flow statement")
4. Statement of stockholders' equity

Financial accounting represents just one sector in the field of business accounting. Another sector, managerial accounting, is so named because it provides financial information to a company's management. This information is generally internal (not distributed outside of the company) and is primarily used by management to make decisions. Other sectors of the accounting field include cost accounting, tax accounting, and auditing.