Ch01_SM - © 2009 For Instructor Use Only 1-1 CHAPTER 1...

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Unformatted text preview: © 2009 For Instructor Use Only 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. 6 4 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 stockholders’ equity. 11, 12, 13 1, 2, 3, 4 5, 6, 7, 8 1A, 2A, 3A 1B, 2B, 3B 7. Analyze the effects of business transactions on the accounting equation. 14, 15, 16, 18 5, 6, 7 6, 7, 8, 9, 10 1A, 2A, 3A, 4A 1B, 2B, 3B, 4B 8. Understand the four financial statements and how they are prepared. 17, 19, 20, 21 8, 9 11, 12, 13, 14, 15 2A, 3A, 4A, 5A 2B, 3B, 4B, 5B © 2009 For Instructor Use Only 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 financial statements. Moderate 50–60 3A Analyze transactions and prepare income statement, retained earnings statement, and balance sheet. Moderate 50–60 4A Determine financial statement amounts and prepare retained earnings statement. Moderate 40–50 5A Prepare income statement, retained earnings statement, and balance sheet. Moderate 40–50 1B Analyze transactions and compute net income. Moderate 40–50 2B Analyze transactions and prepare financial statements. Moderate 40–50 3B Analyze transactions and prepare income statement, retained earnings statement, and balance sheet. Moderate 50–60 4B Determine financial statement amounts and prepare retained earnings statement. Moderate 40–50 5B Prepare income statement, retained earnings statement, and balance sheet. Moderate 50–60 © 2009 For Instructor Use Only 1-3 B L O O M ’S T A X O N O M Y T A B L E © 2 9 F o r In s t r u c to r U s e O n ly 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 fundamental 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 E1-4 6. State the accounting equation, and define assets, liabilities, and stockholders’ equity....
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This note was uploaded on 03/10/2011 for the course ACCOUNTING acct101 taught by Professor Loons during the Spring '08 term at Uni Konstanz.

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Ch01_SM - © 2009 For Instructor Use Only 1-1 CHAPTER 1...

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