This text is aimed at first year business students and is based around the needs of users of accounting information. It builds from definitions through to an understanding of accounting statements, their uses and their limitations. The examples and case studies in this text have been made for the needs of students and, where appropriate, illustrated with examples from the accounts of well-known companies. The first chapters introduce the basic accounting principles. This provides a structure for examining some of the alternative approaches to income measurement and valuation. From this base the student is then introduced to the components of financial statements. The basic format used is that of a worksheet which allows the student to construct their own accounting models using various spreadsheet packages. The book also features an even greater number of practice questions and integrates an international perspective.