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This best-selling book offers a relevant, real-world approach to financial accounting. Readers learn how to evaluate and analyze a typical corporate annual report and to use accounting as a tool in understanding business. The Eighth Edition now includes: real-world company examples such as Cisco, Nantucket Nectars, and Teva; new "Cognitive Exercises" and "Business First" boxes; new on-line courses and step-by-step tutorials on the leading professional software packages; and new CD-ROM series, "Mastering Accounting." The book's chapters cover accounting: the language of business, measuring income to assess performance, recording transactions, using financial statements, accounting for sales, inventories and cost of goods sold, long-lived assets and depreciation, liabilities and interest, valuing and accounting for bonds and leases, statement of cash flows, stockholders' equity, intercorporate investments and consolidations, financial statement analysis, and conceptual framework and measurement techniques.