Includes index.

Accounting in Action -- The Recording Process -- Adjusting the Accounts -- Completing the Accounting Cycle -- Accounting for Merchandising Operations -- Inventories -- Fraud, Internal Control, and Cash -- Accounting for Receivables -- Plant Assets, Natural Resources, and Intangible Assets -- Liabilities -- Corporations: Organization, Stock Transactions, and Stockholders' Equity -- Statement of Cash Flows -- Financial Analysis: The Big Picture -- Managerial Accounting -- Job Order Costing -- Process Costing -- Activity-Based Costing -- Cost-Volume-Profit -- Cost-Volume-Profit Analysis: Additional Issues -- Incremental Analysis -- Pricing -- Budgetary Planning -- Budgetary Control and Responsibility Accounting -- Standard Costs and Balanced Scorecard -- Planning for Capital Investments.

"What consistently ranks as one of the top career opportunities in business? What frequently rates among the most popular majors on campus? What was the undergraduate degree chosen by Nike founder Phil Knight, Home Depot co-founder Arthur Blank, former acting director of the Federal Bureau of Investigation (FBI) Thomas Pickard, and numerous members of Congress? Accounting.1 Why did these people choose accounting? They wanted to understand what was happening financially to their organizations. Accounting is the financial information system that provides these insights. In short, to understand your organization, you have to know the numbers. Accounting consists of three basic activities-it identifies, records, and communicates the economic events of an organization to interested users. Let's take a closer look at these three activities"--