Includes bibliographical references and indexes.

Contents: The Environment of accounting -- The FASB's conceptual framework of accounting -- Review: the accounting information processing system -- The Income statement and the retained earnings statement -- The Balance sheet and the statement of cash flows -- Interest: concepts of future and present value -- Revenue and expense recognition -- Cash and receivables -- Basic valuation methods -- Alternative valuation methods -- Operational assets: acquisition, disposal and exchange -- Operational assets: depreciation and impairment -- Intangible assets and natural resources -- Investments in debt and equity securities.