Business : what's it all about? - Qualities of accounting information - Accruals and deferrals : timing is everything in accounting - Payment for goods and services: cash and accounts receivable - The purchase and sale of inventory - Acquisition and use of long-term assets - Accounting for liabilities - Accounting for shareholders' equity - Preparing and analyzing the statement of cash flows - Using financial statement analysis to evaluate firm performance - Quality of earnings, corporate governance, and IFRS