In this Third Edition of Managerial Accounting: Tools for Business Decision Making, we strove to build on those things that made the earlier editions a success in the classroom. Our goals are straightforward: We want this book to present the fundamental concepts of managerial accounting in an easy-to-understand fashion. We want to present only those concepts that students need to know. And we want students to leave the course confident that they will be able to apply the basic decision skills that they learned in this course when they enter the work-force. As a result, as you read through the list of changes to this edition and review the text, the common theme you will notice is that these changes were made to simplify and clarify our presentation of basic concepts or to strengthen the students' decision-making skills. We are very excited about this edition of the text. As in the earlier editions, our efforts were driven by the following key beliefs: Our instructional objective is to provide students with an understanding of those concepts that are fundamental to the use of managerial accounting. Most stu-dents will forget procedural details within a short period of time. On the other hand, concepts, if well taught, should be remembered for a lifetime. Concepts are especially important in a world where the details are constantly changing.