Accounting is the systematic method of keeping up to date information on all the finance related transactions. It involves recognizing, distinguishing and properly recording of information. Advanced Accounting course as the name suggests covers complex financial accounting topics like forecasting, merger and acquisitions, hedging, data aggregation, interval accounting, segment reporting etc. Three important financial statements include Income Statement, Balance sheet, and Cash Flow Statement. Using these three statements, one can make a judgment about the performance of that entity, for example, by studying of financial accounting of particular company investor can decide about investment in that company. Financial Accounting provides true and detailed information of the business to the regulators and government.