Financial Accounting/Reporting is the integral part and parcel of the syllabus of almost all the accounting bodies around the globe. Syllabus of accounting bodies normally involves at least two papers while some have three papers on this subject matter. The number of papers in the qualification is dependent on the organization of the syllabus. The knowledge gaining process ends and checked in an examination held by such professional accounting body. The knowledge gaining process of most of the students normally revolves around the following, apart from a teacher.