This text provides comprehensive coverage of financial and managerial accounting topics at an introductory level. Students see how accountants influence the internal decision-making environment, how managerial accounting relates to financial accounting, and how it differs. The accounting cycle is presented step by step in the first six chapters, illustrated by a continous example, with a review at each stage and alternative accounting methods are also discussed. This new edition features a new full-colour design, engaging real-world examples, and updating throughout. The end-of-chapter material has been increased in variety and amount, and includes comprehensive problems, critical thinking questions, and communication skills exercises. Self-tests are provided at various points in each chapter, and ethics cases are included at the end of each chapter. There is also an updated discussion of the changing manufacturing environment.