Porter SM_Ch.02_final - CHAPTER 2 Financial Statements and...

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CHAPTER 2 Financial Statements and the Annual Report OVERVIEW OF EXERCISES, PROBLEMS, AND CASES Estimated Time in Learning Outcomes Exercises Minutes Level 1. Describe the objectives of financial reporting. 2. Describe the qualitative characteristics of accounting information. 1 10 Easy 3. Explain the concept and purpose of a classified balance sheet 2 10 Easy and prepare the statement. 9* 10 Mod 4. Use a classified balance sheet to analyze a company’s financial position. 5. Explain the difference between a single-step and a 3 10 Easy multiple-step income statement and prepare each type 4 10 Mod of income statement. 9* 10 Mod 10* 15 Mod 11* 5 Easy 6. Use a multiple-step income statement to analyze a 5 10 Easy company’s operations. 10* 15 Mod 11* 5 Easy 7. Identify the components of the statement of retained earnings 6 10 Mod and prepare the statement. 9* 10 Mod 8. Identify the components of the statement of cash flows and 7 10 Easy prepare the statement. 9. Read and use the financial statements and other elements 8 20 Diff in the annual report of a publicly held company. *Exercise, problem, or case covers two or more learning outcomes Level = Difficulty levels: Easy; Moderate (Mod); Difficult (Diff) 2-1
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2-2 FINANCIAL ACCOUNTING SOLUTIONS MANUAL Problems Estimated and Time in Learning Outcomes Alternates Minutes Level 1. Describe the objectives of financial reporting. 12* 45 Diff 2. Describe the qualitative characteristics of accounting information. 1 15 Diff 10* 35 Mod 11* 20 Mod 3. Explain the concept and purpose of a classified balance sheet 3 50 Mod and prepare the statement. 4. Use a classified balance sheet to analyze a company’s 4 20 Easy financial position. 5 15 Mod 10* 35 Mod 12* 45 Diff 5. Explain the difference between a single-step and a 2 15 Mod multiple-step income statement and prepare each type 6 30 Mod of income statement. 7 45 Mod 11* 20 Mod 6. Use a multiple-step income statement to analyze a company’s operations. 7. Identify the components of the statement of retained earnings and prepare the statement. 8. Identify the components of the statement of cash flows and 8 30 Mod prepare the statement. 12* 45 Diff 9. Read and use the financial statements and other elements 9 30 Diff in the annual report of a publicly held company. *Exercise, problem, or case covers two or more learning outcomes Level = Difficulty levels: Easy; Moderate (Mod); Difficult (Diff)
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CHAPTER 2 • FINANCIAL STATEMENTS AND THE ANNUAL REPORT 2-3 Estimated Time in Learning Outcomes Cases Minutes Level 1. Describe the objectives of financial reporting. 2. Describe the qualitative characteristics of accounting information. 5 30 Mod 6* 30 Mod 3. Explain the concept and purpose of a classified balance sheet and prepare the statement. 4. Use a classified balance sheet to analyze a company’s 1 30 Mod financial position. 2 20 Mod 6* 30 Mod 5. Explain the difference between a single-step and a multiple-step income statement and prepare each type of income statement.
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