CH01 - CHAPTER 1 Users and Uses of Financial Statements ASSIGNMENT CLASSIFICATION TABLE Study Objectives Questions Brief Exercises Exercises

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Unformatted text preview: CHAPTER 1 Users and Uses of Financial Statements ASSIGNMENT CLASSIFICATION TABLE Study Objectives Questions Brief Exercises Exercises Problems Alternate Problems 1. Explain the meaning of accounting. 1, 2, 5 2. Identify the users and uses of accounting. 3, 4 3. Understand why ethics is a fundamental busi- ness concept. 4. Explain the meaning of generally accepted ac- counting 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, 6, 9 1, 2, 3, 7 1, 2 1, 2 7. Analyze the effect of business transactions on the basic accounting equation. 14, 15, 16, 18, 20, 21, 22 4, 5, 6, 7 2, 3, 4, 6, 7 1, 2 1, 2, 5 8. Prepare an income statement, retained earnings statement, balance sheet, and statement of cash flows. 17, 19 8, 10 5, 8, 9, 10, 11, 12 2, 3, 4, 5 2, 3, 4, 5 1-1 ASSIGNMENT CHARACTERISTICS TABLE Problem Number Description Difficulty Level Time Allotted (min.) 1 Analyze transactions and compute net income or net loss. Moderate 40-50 2 Analyze transactions and prepare an income state- ment, retained earnings statement, and balance sheet. Moderate 50-60 3 Prepare an income statement, retained earnings statement, and balance sheet after making adjustments. Moderate 50-60 4 Prepare an income statement and retained earnings statement. Moderate 40-50 5 Determine financial statement amounts and prepare retained earnings statement. Moderate 40-50 1A Analyze transactions and compute net income or net loss. Moderate 40-50 2A Analyze transactions and prepare an income state- ment, retained earnings statement, and balance sheet. Moderate 50-60 3A Prepare an income statement, retained earnings statement, and balance sheet after making adjustments. Moderate 50-60 4A Prepare an income statement and retained earnings statement. Moderate 40-50 5A Determine financial statement amounts and prepare retained earnings statement. Moderate 40-50 1-2 1-3 Correlation Chart between Bloom's Taxonomy, Study Objectives and End-of-Chapter Exercises and Problems Study Objective Knowledge Comprehe nsion Applica tion A n Synthesis Evaluation 1. Explain the meaning of accounting. 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 mean-ing of assets, liabilities, and stockholders' equity....
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This note was uploaded on 04/20/2010 for the course ACC 363 $21 taught by Professor Mr.someone during the Spring '06 term at University of Phoenix.

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CH01 - CHAPTER 1 Users and Uses of Financial Statements ASSIGNMENT CLASSIFICATION TABLE Study Objectives Questions Brief Exercises Exercises

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