ch01_Kieso_SM - CHAPTER 1 Financial Accounting and...

Info iconThis preview shows pages 1–5. Sign up to view the full content.

View Full Document Right Arrow Icon
CHAPTER 1 Financial Accounting and Accounting Standards ASSIGNMENT CLASSIFICATION TABLE Topics Questions Cases 1. Subject matter of accounting. 1 1 2. Environment of accounting. 2, 3, 4 3, 4 3. Role of principles, objectives, standards, and accounting theory. 5, 6, 7 2 4. Historical development of GAAP. 8, 9, 10, 11 5 5. Authoritative pronouncements and rule- making bodies. 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23 6, 8, 9, 10, 11, 13, 14 6. Role of pressure groups. 23, 24, 25, 26, 27, 28 7, 16, 17 7. International accounting. 30, 31, 32 8. Ethical issues. 29 12, 15
Background image of page 1

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

View Full DocumentRight Arrow Icon
ASSIGNMENT CHARACTERISTICS TABLE Item Description Level of Difficulty Time (minutes) CA1-1 Financial accounting. Simple 15–20 CA1-2 Objectives of financial reporting. Moderate 20–25 CA1-3 Accounting numbers and the environment. Simple 10–15 CA1-4 Need for GAAP. Simple 15–20 CA1-5 AICPA s role in rule making. Simple 20–25 CA1-6 FASB role in rule making. Simple 20–25 CA1-7 Politicalization of GAAP. Complex 30–40 CA1-8 Models for setting GAAP. Simple 15–20 CA1-9 GAAP terminology. Moderate 30–40 CA1-10 Accounting organizations and documents issued. Simple 15–20 CA1-11 Accounting pronouncements. Simple 10–15 CA1-12 Rule-making Issues. Complex 20–25 CA1-13 Securities and Exchange Commission. Moderate 30–40 CA1-14 Rule making process. Moderate 25–35 CA1-15 Financial reporting pressures. Moderate 25–35 CA1-16 Economic consequences. Moderate 25–35 CA1-17 GAAP and economic consequences. Moderate 25–35
Background image of page 2
SOLUTIONS TO CODIFICATION EXERCISES CE1-1 There is no answer to this requirement as it asks the student to register to use the Codification. CE1-2 (a) The Codification Overview module illustrates three items (1) the topic structure (2) different methods of accessing and viewing content, and (3) a summary of the unique features of the Codification Research System. (b) The Codification is intended to (1) become the single source of U.S. accounting standards and (2) supersede all of the non-SEC documents used to populate the Codification. CE1-3 The “What’s New” page provides links to Codification content that has been recently issued. During the verification phase, updates may result from either the issuance of Codification update instructions that accompany new Standards or from changes to the Codification due to incorporation of constituent feedback.
Background image of page 3

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

View Full DocumentRight Arrow Icon
ANSWERS TO QUESTIONS 1. Financial accounting measures, classifies, and summarizes in report form those activities and that information which relate to the enterprise as a whole for use by parties both internal and external to a business enterprise. Managerial accounting also measures, classifies, and summarizes in report form enterprise activities, but the communication is for the use of internal, managerial parties, and relates more to subsystems of the entity. Managerial accounting is management decision oriented and directed more toward product line, division, and profit center reporting.
Background image of page 4
Image of page 5
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 09/28/2011 for the course ACTG 201 taught by Professor Xiaoyanwen during the Fall '10 term at University of Illinois at Springfield.

Page1 / 29

ch01_Kieso_SM - CHAPTER 1 Financial Accounting and...

This preview shows document pages 1 - 5. Sign up to view the full document.

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