Review_Sheet_Ex_1.su2010

Review_Sheet_Ex_1.su2010 - Review Sheet Intermediate...

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Review Sheet Intermediate Accounting I Chapters 1 – 3 Overall: One really good way to study would be to make sure you understand each learning objective at the beginning of each chapter. (See page 1 for those relevant to Chapter 1). Also I would be familiar with every exhibit in each chapter. If it is important enough to warrant a picture/chart/or graph it is important enough for you to know it. Chapter 1 Definition of Accounting 4 required financial statements Relationship between accounting and capital resource allocation Challenges facing financial accounting 3 objectives of financial reporting History of standard setting and parties involved in standard setting FASB facts and due process FAF’s relationship to FASB and GASB Codification Why is standard setting political? User groups influencing standard setting? What is expectations gap? IASB and its role Illustration 1-4 is an important one to know Chapter 2 Problems with non-financial measurements
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