ACCA is one of the fastest growing association, of Chartered Accountants of UK. In this course, we are providing one of the subject, (Financial Accounting) of its first level called as Knowledge Level. Financial Accounting will cover how companies will maintain their books of Accounts. You'll develop knowledge and understanding of the underlying principles and concepts relating to financial accounting and technical proficiency in the use of double-entry accounting techniques, including the preparation of basic financial statements for single entities and simple groups. You'll also be introduced to basic techniques of interpretation of financial statements. Financial accounting is the process of recording, summarizing and reporting a company's business transactions through financial statements. These statements are: the income statement, the balance sheet, the cash flow statement and the statement of retained earnings. 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. This subject will guide you regarding Book-keeping methodologies, and to provide professional consultancy regarding maintenance of Books of Accounts. Financial Accounting is a subject which covers various topics related to Financial Reporting. In this course, You will be studying Chapter 5 - Inventory Accounting