Porter SM_Ch.01_final - CHAPTER 1 Accounting as a Form of...

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Unformatted text preview: CHAPTER 1 Accounting as a Form of Communication OVERVIEW OF EXERCISES, PROBLEMS, AND CASES Estimated Time in Learning Outcomes Exercises Minutes Level 1. Explain what business is about. 2. Distinguish among the forms of organization. 3. Describe the various types of business activities. 4. Define accounting and identify the primary users of accounting 1 5 Mod information and their needs. 12* 10 Mod 5 . Explain the purpose of each of the financial statements 2 5 Easy and the relationships among them and prepare a set of 3 15 Mod simple statements. 4 10 Mod 5 10 Mod 6 15 Easy 7 10 Easy 8 20 Diff 9 15 Mod 12* 10 Mod 13* 10 Mod 6 . Identify and explain the primary assumptions made in 10 10 Mod preparing financial statements. 13* 10 Mod 7. Identify the various groups involved in setting accounting standards 11 5 Easy and the role of auditors in determining whether the standards are followed. 8. Explain the critical role that ethics play in providing useful financial information. *Exercise, problem, or case covers two or more learning outcomes Level = Difficulty levels: Easy; Moderate (Mod); Difficult (Diff) 1-1 1-2 FINANCIAL ACCOUNTING SOLUTIONS MANUAL Problems Estimated and Time in Learning Outcomes Alternates Minutes Level 1. Explain what business is about. 2. Distinguish among the forms of organization. 3. Describe the various types of business activities. 4. Define accounting and identify the primary users of accounting 1 30 Mod information and their needs. 2 20 Mod 9 20 Mod 5. Explain the purpose of each of the financial statements 3 30 Easy and the relationships among them and prepare a set of 4 30 Easy simple statements. 5 60 Mod 6 45 Mod 7 60 Diff 8 25 Mod 10* 45 Diff 6. Identify and explain the primary assumptions made in 10* 45 Diff preparing financial statements. 7. Identify the various groups involved in setting accounting standards and the role of auditors in determining whether the standards are followed. 8. Explain the critical role that ethics play in providing useful financial information. *Exercise, problem, or case covers two or more learning outcomes Level = Difficulty levels: Easy; Moderate (Mod); Difficult (Diff) CHAPTER 1 • ACCOUNTING AS A FORM OF COMMUNICATION 1-3 Estimated Time in Learning Outcomes Cases Minutes Level 1. Explain what business is about. 2. Distinguish among the forms of organization. 3. Describe the various types of business activities. 4. Define accounting and identify the primary users of accounting 1* 25 Mod information and their needs. 4 30 Mod 6* 75 Diff 5 . Explain the purpose of each of the financial statements 1* 25 Mod and the relationships among them and prepare a set of 2 20 Mod simple statements. 3 30 Mod 5 60 Diff 6* 75 Diff 6 . Identify and explain the primary assumptions made in preparing financial statements....
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Porter SM_Ch.01_final - CHAPTER 1 Accounting as a Form of...

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