Business: what's it all about? -- Qualities of accounting information -- Accruals and deferrals: timing is ev erything in accounting -- Keeping the books: the mechanics of an accounting system -- Acquisitions: purchase and use of business assets -- Acquisition and payment: inventory and liabilities -- Sales and collection cycle -- Special acquisition: financing a business with debt -- Special acquisition: financing a business with equ ity -- Preparing the statement of cash flows -- Financial statement analysis -- Annual report of Pier I Imports