Financial and Managerial Accounting is a concise introduction to fundamental accounting principles for students who are new to the subject matter. Many standard accounting textbooks include more materials than can easily be covered in a one-semester approach. Financial and Managerial Accounting focuses only on the topics students need to master at the introductory level. The book begins by explaining the importance of accounting in businesses and making students aware of accounting ethics. Then, through distinct and incisive chapters, students begin to master specific topics and skills, such as how to record business transactions, merchandising operations and inventory, assets, liability and equity, and internal control and cash. The particulars of managerial accounting are addressed in chapters on cost-management systems, capital investment systems, and master and flexible budgets. Written to be both accessible and readily applicable, as well as highly practical in nature, Financial and Managerial Accounting is an excellent foundational textbook. It is well-suited to courses in principles of financial accounting and managerial accounting.