Financial Accounting is designed to be used in the first year accounting course that covers either one or two quarters or one semester. It presume that the student has had no previous exposure to accounting. Because of this book's organizational flexibility, it can be used in either undergraduate or graduate introductory courses. This book is based upon two premises. First, knowledge of accounting is important for all members of today's complex economy, whether they are in industry, government, or professional accountancy. As such, this book is written to meet the needs of the general student as well as those who are prospective accounting major. Second, accounting is an interesting subject, and we believe that the time spent in learning its concepts and practices can be enjoyable. As a result, this book is presented in a highly readable and conversational style that will appeal to those students who often enter introductory accounting with a measure of trepidation.