Our goals in this text are to develop your abilities to understand accounting information and to use this information in making economic decisions. To understand accounting information, you also must understand the economic activities that the information describes. In this book, we focus primarily on business activities. However, many of the accounting concepts we discuss also apply to the economic activities of individuals as well as government and nonprofit organization.

The purpose of accounting is to provide information useful to economic decision makers. Throughout the book, we cast you in many decision-making roles. We have implemented many new elements to provide a greater understanding of how accounting information is used in decision making. Refer to our Walkthrough pages in this preface for a detailed look at the features designed to enhance your decision-making skills.

1. Accounting: Information for Decision Making
2. Basic FinancialStatements
3. The Accounting Cycle: Capturing Economic Events
4. The Accounting Cycle: Accruals and Deferrals
5. The Accounting Cycle: Reporting Financial Results
6. Accounting for Merchandising Activities
7. Financial Assets
8. Inventories and the Cost of Goods Sold
9. Plant and Intangible Assets
10. Liabilities
etc.