Financial Accounting Free is a financial/business double-entry accounting app for small and medium businesses.
FA has powerful, in-built features that are designed to meet the needs of your business. Its simple user interface allows you to maintain your company books. It is based on professional accounting principles to ensure balanced books and accurate reports.
Just enter your daily vouchers and let FAS do all the double-entry accounting.

NOTE:
-This free app is ad supported and may contain ads in the notification tray and/or home screen.
-Purchase FA Pro for no ads and advanced features.

Key Features:
•Maintain individual ledgers/accounts.
•Enter daily transactions.
•Automatic computation of profit/loss.
•View reports (Trial Balance, P&L A/C, Trading A/C, Balance Sheet etc.) for the period specified.

Inventory Management:
•Create individual inventory items with your own units of measure.
•Record purchase/sale/purchase return/sales return voucher entries of these items.
•Automatic valuation of closing inventory based on FIFO.
•Inventory Summary displaying the closing value of each inventory item.
•Detailed reports of each inventory item.

Upcoming features:
•Support for more foreign languages

Screenshots: