The seventh edition of Advanced Financial Accounting is a comprehensive and highly illustrated presentation of the accounting and reporting principles used in a variety of business entities. Every day, the business press carries stories about the merger and acquisition mania, the complexities of modern business entities and new organizational structures for conducting business, accounting scandals related to complex business transactions, the foreign activities of multinational firms, the operations of governmental and nonprofit entities, and other topics typically included in advanced accounting. Accountants must know how to deal with the accounting and reporting ramifications of these issues.