Part I: Opening the Books on Accounting 11

Chapter 1: Accounting: The Language of Business, Investing, Finance, and Taxes 13

Chapter 2: Financial Statements and Accounting Standards 31

Chapter 3: Bookkeeping and Accounting Systems 53

Part II: Figuring Out Financial Statements 75

Chapter 4: Reporting Revenue, Expenses, and the Bottom Line 77

Chapter 5: Reporting Assets, Liabilities, and Owners' Equity 99

Chapter 6: Reporting Cash Flows 121

Chapter 7: Choosing Accounting Methods: Different Strokes for Different Folks 139

Part III: Accounting in Managing a Business 161

Chapter 8: Deciding the Legal Structure for a Business 163

Chapter 9: Analyzing and Managing Profit 181

Chapter 10: Financial Planning, Budgeting, and Control 203

Chapter 11: Cost Concepts and Conundrums 221

Part IV: Preparing and Using Financial Reports 243

Chapter 12: Getting a Financial Report Ready for Release 245

Chapter 13: How Lenders and Investors Read a Financial Report 267

Chapter 14: How Business Managers Use a Financial Report 289

Chapter 15: Audits and Accounting Fraud 307

Part V: The Part of Tens 319

Chapter 16: Ten Accounting Tips for Managers 321

Chapter 17: Ten Tips for Reading a Financial Report 331

Glossary 341

Index 353