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INSTRUCTORS SOLUTION MANUAL FOR BUSINESS ACCOUNTING AND FINANCING 6TH EDITION BY CATHERINE GOWTHORPE
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INSTRUCTORS SOLUTION MANUAL FOR BUSINESS ACCOUNTING AND FINANCING 6TH EDITION BY CATHERINE GOWTHORPE
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,INSTRUCTORS SOLUTION MANUAL FOR BUSINESSACCOUNTING AND FINANCING 6TH EDITION BY
CATHERINE GOWTHORPE
Chapter 1: The role of accounting in business
Contents:
Teaching Notes
Answers to Lecturers’ End-of-Chapter Exercises from the book (Answers to
exercises and Answers to self-test questions are at the end of the book)
Teaching Notes
Introduction
In this opening chapter we introduce the most common forms of business
organization in the UK, and we discuss the reasons why people in business need
accounting information, the nature of accounting information and the role of the
accountant. The chapter concludes with a section on accounting ethics. It assumes
no prior knowledge of the area and so is very suitable as an introduction for
1
,students who are new to the study of business. If students can be persuaded to
read the section ‘Special notes for the suspicious’ they may find it helpful. Where
only limited course contact time is available lecturers may choose to set this chapter
as background reading. Whichever approach is taken, lecturers could advise
students to revise this chapter before embarking on Chapter 7 which covers
accounting for limited companies.
It would be possible to proceed to cover Chapter 20 next if this would better suit
your lecture plan.
The coverage of ethics, which was a new feature in the 5th edition of the book, has
been augmented for the 6th edition. There is now a section (1.12) on ‘How to be
ethical’, which includes the real-life case of Royal Mail Group v Jhuti. The website
material for Chapter 1 also includes a case study based on the real-life case of the
audit of British Home Stores. Unlike other case studies, this one does not contain
any student questions. It is intended to serve as additional reading material.
However, it could form the basis of a seminar discussion.
Learning outcomes
After reading the chapter and completing the exercises at the end, students should:
Understand the differences between the sole trader, partnership and
company forms of business organization, and know, in outline, about some
of the sources of business finance available to commercial organizations.
Know in outline about some important features of the business environment
including the various ways in which tax is charged on businesses.
Understand why accounting information is produced.
2
, Be able to identify the principal groups in society who need and use
accounting information, and to know about the principal characteristics and
features of accounting information.
Know about the functions that accountants perform in the production of
accounting information.
Understand the importance of ethics for the professional accountant.
Notes on PowerPoint slides
Slide 1 Chapter title
Slide 2 Learning outcomes
Slide 3 Introduction – emphasizes the need for accounting
information
Slide 4 Forms of business organizations
Slide 5 Contrasting sole traders, partnerships and limited
companies
Slide 6 Finance for business (this is just a brief introduction in
this chapter – proceed to Chapter 20 if you would like
to cover financing in more detail at this stage)
Slide 7 Short-, medium- and long-term finance – this slide
includes the table from Section 1.4 of the book.
Slide 8 Fundamentals of taxation. This could be omitted if
preferred.
Slides 9 – 11 The need for accounting information – a slide each for
sole trader, partnership and limited company. You
could emphasize the similarities and differences
between the three forms of business organization in
3
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