This second edition is a comprehensive book catered for accounting and business students pursuing Financial Accounting courses at diploma and degree levels. Spanning 13 chapters, the book starts off with an introductory chapter on accounting that provides students with some background knowledge on the development of the accounting field and the various branches of the field, among others. A thorough discussion of accounting frameworks and theories, particularly those related to the local context, is then presented. The subsequent chapters cover the application of the frameworks and theories for various practical situations. The book concludes with a section on accounting simulations to prepare students for the real world of accounting.