ch01 Answers to Int. Accounting Kieso

ch01 Answers to Int. Accounting Kieso - CHAPTER 1 Financial...

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1-1 CHAPTER 1 Financial Accounting and Accounting Standards ASSIGNMENT CLASSIFICATION TABLE Topics Questions Cases 1. Subject matter of accounting. 1 1 2. Environment of accounting. 2, 3, 4 3, 4 3. Role of principles, objectives, standards, and accounting theory. 5, 6, 7 2 4. Historical development of accounting standards. 8, 9, 10, 11 5, 16 5. Authoritative pronouncements and standards-setting bodies. 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23 6, 7, 8, 9, 10, 11, 12, 15 6. Role of pressure groups. 23, 24, 25, 26, 27, 28 17, 18 7. International accounting. 29, 30 14 8. Ethical issues. 31 13, 16
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1-2 ASSIGNMENT CHARACTERISTICS TABLE Item Description Level of Difficulty Time (minutes) CA1-1 Financial accounting. Simple 15 20 CA1-2 Objectives of financial reporting. Moderate 20 25 CA1-3 Accounting numbers and the environment. Simple 10 15 CA1-4 Need for accounting standards. Simple 15 20 CA1-5 AICPA s role in standards setting. Simple 20 25 CA1-6 FASB role in standards setting. Simple 20 25 CA1-7 Government role in standards setting. Simple 10 15 CA1-8 Politicalization of standards setting. Complex 30 40 CA1-9 Models for setting accounting standards. Simple 15 20 CA1-10 Standards-setting terminology. Moderate 30 40 CA1-11 Accounting organizations and documents issued. Simple 15 20 CA1-12 Accounting pronouncements. Simple 10 15 CA1-13 Issues involving standards setting. Complex 20 25 CA1-14 Securities and Exchange Commission. Moderate 30 40 CA1-15 Standards-setting process. Moderate 25 35 CA1-16 History of standards-setting organizations. Moderate 25 35 CA1-17 Economic consequences. Moderate 25 35 CA1-18 Standards-setting process, economic consequences. Moderate 25 35
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1-3 ANSWERS TO QUESTIONS 1. Financial accounting measures, classifies, and summarizes in report form those activities and that information which relate to the enterprise as a whole for use by parties both internal and external to a business enterprise. Managerial accounting also measures, classifies, and summarizes in report form enterprise activities, but the communication is for the use of internal, managerial parties, and relates more to subsystems of the entity. Managerial accounting is management decision oriented and directed more toward product line, division, and profit center reporting. 2. Financial statements generally refer to the four basic financial statements: balance sheet, income statement, statement of cash flows, and statement of changes in owners or stockholders equity. Financial reporting is a broader concept; it includes the basic financial statements and any other means of communicating financial and economic data to interested external parties. Examples of financial reporting other than financial reports are annual reports, prospectuses, reports filed with the government, news releases, management forecasts or plans, and descriptions of an enterprise s social or environmental impact.
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