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ch01 - CHAPTER 1 Accounting in Action ASSIGNMENT...

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1-1 CHAPTER 1 Accounting in Action ASSIGNMENT CLASSIFICATION TABLE Study Objectives Questions Brief Exercises Exercises A Problems B Problems 1. Explain what accounting is. 1, 2, 5 2. Identify the users and uses of accounting. 3, 4 3. Understand why ethics is a fundamental business concept. 4. Explain the meaning of generally accepted accounting principles and the cost principle. 6 5. Explain the meaning of the monetary unit assumption and the economic entity assumption. 7, 8, 9, 10 6. State the basic accounting equation, and explain the meaning of assets, liabilities, and stockholders’ equity. 11, 12, 13 1, 2, 3, 9 1, 2, 3, 7 1A, 2A 1B, 2B 7. Analyze the effects of business transactions on the basic accounting equation. 14, 15, 16, 18 4, 5, 6, 7 2, 3, 4, 6, 7 1A, 2A, 4A, 5A 1B, 2B, 4B, 5B 8. Understand what the four financial statements are and how they are prepared. 17, 19, 20, 21 8, 10 5, 8, 9, 10, 11, 12 2A, 3A, 4A, 5A 2B, 3B, 4B, 5B
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1-2 ASSIGNMENT CHARACTERISTICS TABLE Problem Number Description Difficulty Level Time Allotted (min.) 1A Analyze transactions and compute net income. Moderate 40 50 2A Analyze transactions and prepare an income statement, retained earnings statement, and balance sheet. Moderate 50 60 3A Prepare an income statement, retained earnings statement, and balance sheet. Moderate 50 60 4A Analyze transactions and prepare financial statements. Moderate 40 50 5A Determine financial statement amounts and prepare retained earnings statement. Moderate 40 50 1B Analyze transactions and compute net income. Moderate 40 50 2B Analyze transactions and prepare an income statement, retained earnings statement, and balance sheet. Moderate 50 60 3B Prepare an income statement, retained earnings statement, and balance sheet. Moderate 50 60 4B Analyze transactions and prepare financial statements. Moderate 40 50 5B Determine financial statement amounts and prepare retained earnings statement. Moderate 40 50
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BLOOM'S TAXONOMY TABLE 1-3 Correlation Chart between Bloom’s Taxonomy, Study Objectives and End-of-Chapter Exercises and Problems Study Objective Knowledge Comprehension Application Analysis Synthesis Evaluation 1. Explain what accounting is. Q1-1 Q1-2 Q1-5 2. Identify the users and uses of accounting. Q1-3 Q1-4 3. Understand why ethics is a fundamental business concept. 4. Explain the meaning of generally accepted accounting principles and the cost principle. Q1-6 5. Explain the meaning of the monetary unit assumption and the economic entity assumption. Q1-8 Q1-9 Q1-7 Q1-10 6. State the basic accounting equation, and explain the meaning of assets, liabilities, and stockholders’ equity. Q1-11 Q1-12 Q1-13 BE1-9 E1-1 E1-2 E1-3 BE1-1 BE1-2 BE1-3 E1-7 P1-1A P1-2A P1-1B P1-2B 7. Analyze the effects of business transactions on the basic accounting equation.
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