ch02_Homework_Solutions

ch02_Homework_Solutions - 2-1CHAPTER 2Conceptual...

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Unformatted text preview: 2-1CHAPTER 2Conceptual FrameworkUnderlying Financial AccountingASSIGNMENT CLASSIFICATION TABLE (BY TOPIC)TopicsQuestionsBriefExercisesExercisesConceptsfor Analysis1.Conceptualframeworkgeneral.1, 211, 22.Objectives of financialreporting.2, 533.Qualitative characteristicsof accounting.3, 4, 6, 241, 21, 244.Elements of financialstatements.7, 8, 93, 9, 1035.Basic assumptions.10, 11, 1244, 56.Basic principles:a. Historical cost.b. Revenue recognition.c. Expense matching.d. Full disclosure.13, 14, 1516, 17, 181920, 21, 2254, 554, 54, 5, 65, 65, 6, 7, 8, 9, 10, 117.Accountingprinciplescomprehensive.7, 88.Constraints.23, 24, 25, 266, 71129.Comprehensive assign-ments on assumptions,principles, and constraints.84, 52-2ASSIGNMENT CLASSIFICATION TABLE (BY LEARNING OBJECTIVE)Learning ObjectivesBrief ExercisesExercises1.Describe the usefulness of a conceptual frame work.2.Describe the FASBs efforts to construct a conceptualframework.3.Understand the objectives of financial reporting.4.Identify the qualitative characteristics of accountinginformation.1, 21, 25.Describe the basic elements of financial statements.3, 1036.Describe the basic assumptions of accounting.4, 8, 94, 57.Explain the application of the basic principles ofaccounting.5, 94, 5, 6, 7, 88.Describe the impact that constraints have on reportingaccounting information.6, 7, 91, 4, 52-3ASSIGNMENT CHARACTERISTICS TABLEItemDescriptionLevel ofDifficultyTime(minutes)E2-1Qualitative characteristics.Moderate2530E2-2Qualitative characteristics.Simple1520E2-3Elements of financial statements.Simple1520E2-4Assumptions, principles, and constraints.Simple1520E2-5Assumptions, principles, and constraints.Moderate2025E2-6Full disclosure principle.Complex2025E2-7Accounting principlescomprehensive.Moderate2025E2-8Accounting principlescomprehensive.Moderate2025C2-1Conceptual frameworkgeneral.Simple2025C2-2Conceptual frameworkgeneral.Simple2535C2-3Objectives of financial reporting.Moderate2535C2-4Qualitative characteristics.Moderate3035C2-5Revenue recognition and matching principle.Complex2530C2-6Revenue recognition and matching principle.Moderate3035C2-7Matching principle.Complex2025C2-8Matching principle.Moderate2025C2-9Matching principle.Moderate2030C2-10Qualitative characteristics.Moderate2030C2-11MatchingethicsModerate2025C2-12Cost/BenefitModerate30352-4ANSWERS TO QUESTIONS1.A conceptual framework is a coherent system of interrelated objectives and fundamentals that canlead to consistent standards and that prescribes the nature, function, and limits of financialaccounting and financial statements. A conceptual framework is necessary in financial accountingfor the following reasons:1. It will enable the FASB to issue more useful and consistent standards in the future....
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This homework help was uploaded on 03/30/2008 for the course ACIS 3115 taught by Professor Cmeasterwood during the Spring '08 term at Virginia Tech.

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ch02_Homework_Solutions - 2-1CHAPTER 2Conceptual...

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