Ch01 - 1-1CHAPTER 1Financial Accounting and Accounting...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 1-1CHAPTER 1Financial Accounting and Accounting StandardsASSIGNMENT CLASSIFICATION TABLETopicsQuestionsCases1. Subject matter of accounting.112. Environment of accounting.2, 3, 43, 43. Role of principles, objectives,standards, and accounting theory.5, 6, 724. Historical development of accountingstandards.8, 9, 10, 11, 125, 165. Authoritative pronouncements andstandards-setting bodies.13, 14, 15, 16,17, 18, 19, 20,21, 22, 23, 246, 7, 8, 9, 10, 11,12, 15, 166. Role of pressure groups.25, 26, 27, 28, 2917, 187. International accounting.30148. Ethical issues.31131-2ASSIGNMENT CHARACTERISTICS TABLEItemDescriptionLevel ofDifficultyTime(minutes)C1-1Financial accounting.Simple15-20C1-2Objectives of financial reporting.Moderate20-25C1-3Accounting numbers and the environment.Simple10-15C1-4Need for accounting standards.Simple15-20C1-5AICPAs role in standards setting.Simple20-25C1-6FASB role in standards setting.Simple20-25C1-7Government role in standards setting.Simple10-15C1-8Politicalization of standards setting.Complex30-40C1-9Models for setting accounting standards.Simple15-20C1-10Standards-setting terminology.Moderate30-40C1-11Accounting organizations and documents issued.Simple15-20C1-12Accounting pronouncements.Simple10-15C1-13Issues involving standards setting.Complex20-25C1-14Securities and Exchange Commission.Moderate30-40C1-15Standards-setting process.Moderate25-35C1-16History of standards-setting organizations.Moderate25-35C1-17Economic Consequences.Moderate25-35C1-18Standards-setting process, economic consequences.Moderate25-351-3ANSWERS TO QUESTIONS1.Financial accounting measures, classifies, and summarizes in report form those activities and thatinformation which relate to the enterprise as a whole for use by parties both internal and externalto a business enterprise. Managerial accounting also measures, classifies, and summarizes inreport form enterprise activities, but the communication is for the use of internal, managerialparties, and relates more to subsystems of the entity. Managerial accounting is managementdecision oriented and directed more toward product line, division, and profit center reporting.2.Financial statements generally refer to the four basic financial statements: balance sheet, incomestatement, statement of cash flows, and statement of changes in owners or stockholders equity.Financial reporting is a broader concept; it includes the basic financial statements and any othermeans of communicating financial and economic data to interested external parties. Examples offinancial reporting other than financial reports are annual reports, prospectuses, reports filed withthe government, news releases, management forecasts or plans, and descriptions of anenterprises social or environmental impact....
View Full Document

Page1 / 30

Ch01 - 1-1CHAPTER 1Financial Accounting and Accounting...

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online