Lesson1-10&Appendices - ACCT 351 Intermediate Financial...

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ACCT 351 Intermediate Financial Accounting I Lesson 1: The Environment of and Conceptual Framework for Financial Reporting Overview Lesson 1 covers Chapters 1 and 2 of the textbook. These chapters are important. They focus on concepts that form the theoretical foundation for the remainder of this course, as well as the subsequent course, ACCT 352: Intermediate Financial Accounting II . The first part of textbook Chapter 1 deals with accounting standards, how they are developed, and how they apply in today’s economic environment. The remainder of Chapter 1 and all of Chapter 2 deals with what is commonly referred to as the conceptual framework of financial reporting . The textbook’s presentation of the conceptual framework discusses the objectives of financial reporting, the qualitative characteristics that make financial reports valuable, the elements of financial statements, and the principles of measurement and recognition. Lesson 1: At a Glance Review Activities Textbook Reading Key Terms Review Textbook Practice Questions Assignment LIFA Labs 1.7 2.2 3.3, 3.4 4.2 5.2 6.4 15.4, 15.6 Chapter 1 Chapter 2 Chapter 1 Chapter 2 A1-1 (p. 31) A1-6 (pp. 32–33) A1-15 (p. 35) A1-16 (pp. 35–36) A1-20 (pp. 36–37) A2-3 (pp. 69–70) A2-18 (p. 74) A2-22 (pp. 75–76) A2-25 (p. 77) LIFA Labs 1.7 2.2 3.3, 3.4 4.2 5.2 6.4 15.4, 15.6 Working Through This Lesson Before You Begin ± In this course, you will study in depth many of the concepts covered in introductory financial accounting. To build a comprehensive understanding of these concepts, you must have a strong foundation in the basics of financial accounting. If you have not used what you learned in introductory financial accounting in a work environment, you will likely need to review some topics before you tackle the related intermediate accounting concepts. To ensure you have a solid grounding in the prerequisites for this course, each lesson contains review activities to prepare you for successful learning.
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To review introductory financial accounting, you will use an online learning tool called LIFA— Lyryx Interactive Financial Accounting. - About LIFA - Importance of LIFA Labs For more information on LIFA, refer to the LIFA FAQs in the Welcome and Orientation section of these online materials. ± The Sharp calculator included in your course package comes with a detailed operations manual. For a quick start approach to using your calculator, choose the tutorial that matches your calculator. EL - 733 A Calculator tutorial EL - 738 Calculator tutorial Pre-Lesson Review ± Logon to LIFA and do LIFA Labs 1.7, 2.2, 3.3, 3.4, 4.2, 5.2, 6.4, 15.4, and 15.6. Financial Accounting and Standards ± In the textbook, read pages 1 to 18 (to Objectives of Financial Reporting ). ± Do Textbook Practice Questions A1-1 (p. 31), A1-6 (pp. 32–33), and A1-15 (p. 35),
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Lesson1-10&Appendices - ACCT 351 Intermediate Financial...

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