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Solution Manual Accounting What The Numbers Mean 13th Edition by David Marshall All Chapters 1 - 16

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Accounting bachelors

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Solution Manual Accounting What The Numbers Mean 13th Edition by David Marshall All Chapters 1 - 16 I. What Is Accounting? A. Definition B. Uses of Accounting Information C. Classifications 1. Financial Accounting 2. Managerial Accounting / Cost Accounting 3. Auditing — Public Account...

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Solution Manual

Accounting What The Numbers Mean

13th Edition by David Marshall
All Chapters 1 - 16

,CHAPTER

1
Accounting—Present and Past

CHAPTER OUTLINE:

I. What Is Accounting?
A. Definition
B. Uses of Accounting Information
C. Classifications
1. Financial Accounting
2. Managerial Accounting / Cost Accounting
3. Auditing — Public Accounting
4. Internal Auditing
5. Governmental and Not-for-Profit Accounting
6. Income Tax Accounting

II. How Has Accounting Developed?
A. Early History
B. The Accounting Profession in the United States
C. Financial Accounting Standard Setting at the Present Time
1. Financial Accounting Standards Board
2. Standards are Evolving
D. Standards for Other Types of Accounting
1. Managerial Accounting / Cost Accounting
2. Auditing
3. Governmental and Not-for-Profit Accounting
4. Income Tax Accounting
E. International Accounting Standards
F. Ethics and the Accounting Profession

III. The Conceptual Framework
A. Context
B. Summary of Concepts Statement No. 8, Chapter 1 — The Objective of General
Purpose Financial Reporting
C. Objectives of Financial Reporting for Nonbusiness Organizations

IV. Plan of the Book

,TEACHING/LEARNING OBJECTIVES:

Principal:

1. To present a definition of accounting.

2. To identify and describe different classifications of accounting.

3. To emphasize that financial accounting standards are not a ―fixed code of rules,‖
but are established in response to user needs and business developments.
Accountants need to applyprofessional judgment in the application of accounting
principles.

4. To emphasize the role and sources of ethics for the accounting profession.

Supporting:

5. To summarize how accounting has evolved over time.

6. To identify sources of standards for other types of accounting and to contrast
these with financial accounting standards.

7. To introduce the issues associated with the development of international
accounting standards.

8. To describe the context of the FASB Conceptual Framework project.

9. To summarize Concepts Statement No. 8, Chapter 1 — The Objective of General
PurposeFinancial Reporting.

10. To relate the objectives of financial reporting for nonbusiness organizations to
those ofbusiness enterprises.

TEACHING OBSERVATIONS/ASSIGNMENT SUGGESTIONS:

1. Students should be put on notice about the jargon of accounting, the use of
synonymous terms, the importance of the context within which a term is used, and
the need for precision in the use of terminology. The first example of jargon is the
term entity.

, 2. When discussing y"Auditing y— yPublic yAccounting," yhave ystudents yfind ythe
yauditors' yopinionyin ythe yCampbell ySoup yCompany y2020 yAnnual yReport y(see
ypages y87-88 yof ythe yAppendix). yEmphasize ythat y a y"clean yopinion" yis ynot ya
y"clean ybill yof yhealth."

3. Discuss ythe ySummary yof yConcepts yStatement yNo. y8, yChapter y1 y— yThe
yObjective yof yFinancialyReporting, y in ydetail.

4. Assign yExercise y1-1. yEncourage ystudents yto yexperiment ywith ywebsites ythat yare
yof yinterest. yInyaddition, yor yas yan yalternative yto yhaving ystudents yrequest ytheir
yown yannual yreports, ydistribute yreports ythat y have y been yobtained yby ythe
yinstructor.

5. Use yExercise y1-5 yto ygenerate ydiscussion yabout ythe yimportance yof yethical
ystandards yin ygeneral yand yindependence y(in yboth yappearance yand yfact) yin
yparticular. yFollow yup ywith ya ybrief ylook yat yExercise y1-7 yconcerning yaudit
y independence ystandards.

SOLUTIONS:

E1.3. This yexercise yprovides yan yopportunity yto ygauge ywhere ythe ystudents
yare yin yterms yofytheir yprior ybackground yin yaccounting, ybe yit ypractical
yor yeducational, yand yto yclear yup ysome yof ythe ycommon
ymisconceptions y(i.e., yto yexplain ythat yaccounting ygoes
beyond ythe y―how yto‖ yaspects yof ybookkeeping yand yinvolves ythe yuse yof
yjudgment).

E1.4. This yexercise yprovides yan yopportunity yto yalign ystudent yand yinstructor
yexpectations.yFor yfirst-time yinstructors yin ythis ycourse, yor yfor ythose
yhaving ya ydiverse ystudent ygroup, yyou ywill yget ya yglimpse yat ythe
ycommon yperceptions ystudents yhave yconcerning ythe ycourse ycontent,
ylevel yof ydifficulty, yand ymethods yof ypresentation,
testing/evaluation, yand ygrading.

E1.5. The yprincipal yfactors yJim ySandrolini ymust yconsider yare yhis ycompetence
yand yindependence. yIs yhe ycompetent yto yprepare yfinancial ystatements
yfor ya ycompany ythatyoperates yin ya ydifferent yindustry ythan ythe yone yin
ywhich yhe yworks? yAccepting ya ycontingent yfee yarrangement y would
ynormally ycause yan yimpairment yof yhis
independence ybecause yhe ywould ydirectly ybenefit yif ythe yloan ywere yto
ybe yapproved.

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Solution Manual Accounting What The Numbers Mean 13th Edition by David Marshall All Chapters 1 - 16

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