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Ch 2 Kieso Answer - CHAPTER 2 Conceptual Framework...

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2-1 CHAPTER 2 Conceptual Framework Underlying Financial Accounting ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Topics Questions Brief Exercises Exercises Concepts for Analysis 1. Conceptual framework general. 1, 21 1, 2 2. Objectives of financial reporting. 2, 5 3 3. Qualitative characteristics of accounting. 3, 4, 6, 24 1, 2 1, 2 4 4. Elements of financial statements. 7, 8, 9 3, 9, 10 3 5. Basic assumptions. 10, 11, 12 4 4, 5 6. Basic principles: a. Historical cost. b. Revenue recognition. c. Expense matching. d. Full disclosure. 13, 14, 15 16, 17, 18 19 20, 21, 22 5 4, 5 5 4, 5 4, 5, 6 5, 6 5, 6, 7, 8, 9, 10, 11 7. Accounting principles comprehensive. 7, 8 8. Constraints. 23, 24, 25, 26 6, 7 1 12 9. Comprehensive assign- ments on assumptions, principles, and constraints. 8 4, 5
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2-2 ASSIGNMENT CLASSIFICATION TABLE (BY LEARNING OBJECTIVE) Learning Objectives Brief Exercises Exercises 1. Describe the usefulness of a conceptual frame work. 2. Describe the FASB’s efforts to construct a conceptual framework. 3. Understand the objectives of financial reporting. 4. Identify the qualitative characteristics of accounting information. 1, 2 1, 2 5. Describe the basic elements of financial statements. 3, 10 3 6. Describe the basic assumptions of accounting. 4, 8, 9 4, 5 7. Explain the application of the basic principles of accounting. 5, 9 4, 5, 6, 7, 8 8. Describe the impact that constraints have on reporting accounting information. 6, 7, 9 1, 4, 5
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2-3 ASSIGNMENT CHARACTERISTICS TABLE Item Description Level of Difficulty Time (minutes) E2-1 Qualitative characteristics. Moderate 25 30 E2-2 Qualitative characteristics. Simple 15 20 E2-3 Elements of financial statements. Simple 15 20 E2-4 Assumptions, principles, and constraints. Simple 15 20 E2-5 Assumptions, principles, and constraints. Moderate 20 25 E2-6 Full disclosure principle. Complex 20 25 E2-7 Accounting principles comprehensive. Moderate 20 25 E2-8 Accounting principles comprehensive. Moderate 20 25 CA2-1 Conceptual framework general. Simple 20 25 CA2-2 Conceptual framework general. Simple 25 35 CA2-3 Objectives of financial reporting. Moderate 25 35 CA2-4 Qualitative characteristics. Moderate 30 35 CA2-5 Revenue recognition and matching principle. Complex 25 30 CA2-6 Revenue recognition and matching principle. Moderate 30 35 CA2-7 Matching principle. Complex 20 25 CA2-8 Matching principle. Moderate 20 25 CA2-9 Matching principle. Moderate 20 30 CA2-10 Qualitative characteristics. Moderate 20 30 CA2-11 Matching ethics Moderate 20 25 CA2-12 Cost/Benefit Moderate 30 35
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2-4 ANSWERS TO QUESTIONS 1. A conceptual framework is a coherent system of interrelated objectives and fundamentals that can lead to consistent standards and that prescribes the nature, function, and limits of financial accounting and financial statements. A conceptual framework is necessary in financial accounting for the following reasons: 1. It will enable the FASB to issue more useful and consistent standards in the future.
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