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 1 2. Identify the users and uses of accounting. 3, 4 2 3. Understand why ethics is a fundamental business concept. 3 4. Explain generally accepted accounting principles and the cost principle. 64 5. Explain the monetary unit assumption and the economic entity assumption. 7, 8, 9, 10 4 6. State the accounting equation, and define assets, liabilities, and owner’s equity. 11, 12, 13 1, 2, 3, 4 5, 6, 7, 11 1A, 2A 4A 1B, 2B 4B 7. Analyze the effects of business transactions on the accounting equation. 14, 15, 16, 18 5, 6, 7, 8 6, 7, 8, 10, 11 1A, 2A, 4A, 5A 1B, 2B, 4B, 5B 8. Understand the four financial statements and how they are prepared. 17, 19, 20, 21 9, 10 9, 12, 13, 14, 15, 16 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 income statement, owner’s equity statement, and balance sheet. Moderate 50–60 3A Prepare income statement, owner’s equity statement, and balance sheet. Moderate 50–60 4A Analyze transactions and prepare financial statements. Moderate 40–50 5A Determine financial statement amounts and prepare owner’s equity statement. Moderate 40–50 1B Analyze transactions and compute net income. Moderate 40–50 2B Analyze transactions and prepare income statement, owner’s equity statement, and balance sheet. Moderate 50–60 3B Prepare income statement, owner’s equity statement, and balance sheet. Moderate 50–60 4B Analyze transactions and prepare financial statements. Moderate 40–50 5B Determine financial statement amounts and prepare owner’s equity 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 E1-1 2. Identify the users and uses of accounting. Q1-3 Q1-4 E1-2 3. Understand why ethics is a funda- mental business concept. E1-3 4. Explain generally accepted accounting principles and the cost principle. Q1-6 E1-4 5. Explain the monetary unit assumption and the economic entity assumption. Q1-8 Q1-9 Q1-7 Q1-10 6. State the accounting equation, and define assets, liabilities, and owner’s equity. Q1-11 Q1-12 Q1-13 BE1-4 E1-5 E1-6 E1-7 BE1-1 BE1-2 BE1-3 E1-11 P1-1A P1-2A P1-4A P1-1B P1-2B P1-4B 7. Analyze the effects of business transactions on the accounting equation. Q1-14 Q1-15 Q1-16 Q1-18 BE1-5 BE1-6 BE1-7 BE1-8 E1-8 E1-10 P1-5A P1-5B 8. Understand the four financial statements and how they are prepared. Q1-17 Q1-19 BE1-10 Q1-20 Q1-21 BE1-9 E1-9 E1-12 E1-14 E1-15 E1-16 P1-3A P1-3B E1-13 Broadening Your Perspective Exploring the Web Financial Reporting Comparative Analysis All About You Decision Making Across the Organization Communication Activity Ethics Case
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1-4 ANSWERS TO QUESTIONS 1.
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This note was uploaded on 04/15/2010 for the course ACCOUNTING 1234 taught by Professor Ahmed during the Spring '10 term at Abu Dhabi University.

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ch01 - CHAPTER 1 Accounting in Action ASSIGNMENT...

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