Includes index.

1.The Environment and Conceptual Foundation of Accounting -- 2. Review- The Accounting Model and Information Processing --3. Review- The Income Statement and Statement of Retained Earnings -- 4. Review- The Balance Sheet and Statements of Changes in Financial Position -- 5. Interest- Concepts of Future and Present Value -- 6. Cash, Short-Term Investments and Receivable -- 7. Inventories- General -- 8. Inventories- Flow and Matching Procedures -- 9. Inventories- Special Valuation Procedures -- 10. Short-Term Liabilities and Income Tax -- 11. Operational Assets: Property, Plant, and Equipment- Acquisitions and Retirement -- 12. Property, and Equipment - Depreciation -- 13. Intangible Assets -- 14. Corporations- Formation and Contributed Capital -- 15. Corporations- Retained Earnings and Stock Rights and Options.

This Seventh Edition continues the leadership role of prior editions in establishing the highest standards of comprehensiveness, academic excellence, and topical presentation. This edition represents a major rewrite rather than a piecemeal revision. The primary emphasis in preparing this revision was to further enhance the text's clarity and conciseness, while maintaining its reputation for technical quality. Reviews of the revised manuscript have been exceptionally favorable.