chapter_01 - 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 ac- counting principles and the cost principle. 6 5. Explain the meaning of the monetary unit as- sumption and the eco- nomic entity assumption. 7, 8, 9, 10 6. State the basic account- ing equation, and explain the meaning of assets, li- abilities, and owner’s eq- uity. 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 pre- pared. 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, owner’s equity statement, and balance sheet. Moderate 50-60 3A Prepare an 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 an income statement, owner’s equity statement, and balance sheet. Moderate 50-60 3B Prepare an 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 2. Identify the users and uses of accounting. Q1-3 Q1-4 3. Understand why ethics is a funda- mental 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 owner’s 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 account- ing equation. Q1-14 Q1-15 Q1-16 Q1-18 BE1-4 BE1-5 BE1-6 BE1-7 E1-4 E1-6 P1-4A P1-5A P1-4B P1-5B 8. Understand what the four finan- cial statements are and how they are prepared. Q1-17 Q1-19 BE1-10 Q1-20 Q1-21 BE1-8 E1-5 E1-8 E1-10 E1-11 E1-12 P1-3A P1-3B E1-9 Broadening Your Perspective Exploring the Web Financial Reporting Comparative Analysis Interpreting
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chapter_01 - CHAPTER 1 Accounting in Action ASSIGNMENT...

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