Financial accounting otherwise known as finance and accounts has its basis in the accounting field. Financial accounting is essentially the analysis, summarization and reporting of any financial transaction made in relation to business. Students of this field perform many statistical analysis about the financial findings of companies. Statistical analysis needs to aid the students in making a prediction regarding the company’s future prospects. The grade for each student is based on their expertise in accounting calculations and analytical skills. Any mistakes made in the calculations or during the analysis of a company’s financial records can lead to a very low grade.