This practice set provides students with an opportunity to apply basic accounting knowledge in a simulated business environment and develop critical thinking skills necessary to understand key financial reports and measurements. It comprehensively ties together the basic elements that are deployed within a typical accounting system, such as the general journal, the general ledger, the trial balance, and financial statements. Students are provided with representative business papers (e.g., invoices, checks, contracts, deposit tickets, etc.) that must be analyzed and interpreted for purposes of developing appropriate entries and adjustments. It is designed to accompany most introductory accounting texts via an active learning experience that is appropriate for both undergraduate and graduate level courses. A separate solution manual is electronically available only to instructors.