Clarified and updated to reflect the latest pronouncements, with extensive improvements to pedagogy and end-of-chapter assignments. Each chapter begins with a list of learning objectives. A series of margin notes alerts the student to the conceptual principles introduced at the beginning of the book. A comparison of accounting practices in foreign countries has also been added. End-of-chapter summaries, a list of key terms and interviews with men and women involved in different areas of the accounting profession have all been updated and expanded.