The field of accounting that deals with the analysis, reporting and summarization of financial transactions is known as financial accounting. Such financial reports are made available to banks, stockholders, government agencies and business owners to aid decision making. Statement of cash flows, statement of financial position and statement of financial performance are elementary to financial accounting. Accounting information systems enable the storage, collection, and processing of accounting and financial data. It can be used to support accounting functions and activities, such as management accounting and tax, financial accounting and reporting, and auditing. This book is a compilation of chapters that discuss the most vital concepts and emerging trends in the field of financial accounting. The ever growing need of advanced technology in financial accounting is the reason that has fueled the research in the field of accounting information systems in recent times. With state-of-the-art inputs by acclaimed experts of this field, this book targets students and professionals.