Preface for Accounting Students  . . . . . . . . . . . . . . . . . . . . . .  vi
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

Study Unit 1. Conceptual Framework  . . . . . . . . . . . . . . . . . . . . . 19
Study Unit 2. The Accounting Process . . . . . . . . . . . . . . . . . . . .  49
Study Unit 3. Reporting Income  . . . . . . . . . . . . . . . . . . . . . . . 73
Study Unit 4. The Time Value of Money . . . . . . . . . . . . . . . . . . . . 89
Study Unit 5. Current Assets, Cash, Accounts Receivable, and Notes
   Receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  103
Study Unit 6. Inventories . . . . . . . . . . . . . . . . . . . . . . . . .  131
Study Unit 7. Property, Plant, and Equipment  . . . . . . . . . . . . . . .  167
Study Unit 8. Depreciation and Depletion . . . . . . . . . . . . . . . . . . 195
Study Unit 9. Intangible Assets and Research and Development Costs  . . . .  213
Study Unit 10. Investments . . . . . . . . . . . . . . . . . . . . . . . . . 235
Study Unit 11. Current Liabilities, Compensated Absences, and Contingencies  269
Study Unit 12. Noncurrent Liabilities . . . . . . . . . . . . . . . . . . .  293
Study Unit 13. Pensions and Other Postretirement Benefits  . . . . . . . . . 327
Study Unit 14. Leases . . . . . . . . . . . . . . . . . . . . . . . . . . .  353
Study Unit 15. Corporate Equity  . . . . . . . . . . . . . . . . . . . . . . 387
Study Unit 16. EPS and Share-Based Payment . . . . . . . . . . . . . . . . . 413
Study Unit 17. Accounting for Income Taxes  . . . . . . . . . . . . . . . .  441
Study Unit 18. Accounting Changes and Error Corrections . . . . . . . . . .  457
Study Unit 19. Statement of Cash Flows  . . . . . . . . . . . . . . . . . .  475
Study Unit 20. Accounting for Changing Prices . . . . . . . . . . . . . . .  491
Study Unit 21. Financial Statement Disclosures  . . . . . . . . . . . . . .  503
Study Unit 22. Long-Term Construction-Type Contracts, Installment Sales,
   and Consignments . . . . . . . . . . . . . . . . . . . . . . . . . . . .  523
Study Unit 23. Financial Statement Analysis Based on Percentage
   Relationships . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 539
Study Unit 24. GAAP Accounting for Partnerships . . . . . . . . . . . . . .  563
Study Unit 25. Business Combinations and Consolidated Financial Reporting  . 577
Study Unit 26. Interim Financial Reporting . . . . . . . . . . . . . . . . . 615
Study Unit 27. Foreign Currency Translation and Transactions  . . . . . . .  629
Study Unit 28. State and Local Governments . . . . . . . . . . . . . . . . . 645
Study Unit 29. Not-for-Profit Entities  . . . . . . . . . . . . . . . . . .  689

Appendix A: Subunit Cross-References to Intermediate and Advanced Financial
   Accounting Textbooks . . . . . . . . . . . . . . . . . . . . . . . . . .  715
Index  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 723
Order Form . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 735