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Exam (elaborations)

Solution Manual Accounting What The Numbers Mean 13th Edition by David Marshall All Chapters 1 - 16

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Solution Manual Accounting What The Numbers Mean 13th Edition by David Marshall All Chapters 1 - 16

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Solution Manual

Accounting What The Numbers Mean

13th Edition by David Marshall
All Chapters 1 - 16

,CHAPTER

1
Accounting—Present and Past g g




CHAPTERgOUTLINE:

I. WhatgIsgAccounting?
A. Definition
B. UsesgofgAccountinggInformation
C. Classifications
1. FinancialgAccounting
2. ManagerialgAccountingg/gCostgAccounting
3. Auditingg—gPublicgAccounting
4. InternalgAuditing
5. GovernmentalgandgNot-for-ProfitgAccounting
6. IncomegTaxgAccounting

II. HowgHasgAccountinggDeveloped?
A. EarlygHistory
B. ThegAccountinggProfessiongingthegUnitedgStates
C. FinancialgAccountinggStandardgSettinggatgthegPresentgTime
1. FinancialgAccountinggStandardsgBoard
2. StandardsgaregEvolving
D. StandardsgforgOthergTypesgofgAccounting
1. ManagerialgAccountingg/gCostgAccounting
2. Auditing
3. GovernmentalgandgNot-for-ProfitgAccounting
4. IncomegTaxgAccounting
E. InternationalgAccountinggStandards
F. EthicsgandgthegAccountinggProfession

III. ThegConceptualgFramework
A. Context
B. SummarygofgConceptsgStatementg No.g8,gChapterg1g —
gThegObjectivegofgGeneralgPurposegFinancialgReporting
C. ObjectivesgofgFinancialgReportinggforgNonbusinessgOrganizations

IV. PlangofgthegBook

,TEACHING/LEARNINGgOBJECTIVES:

Principal:

1. Togpresentgagdefinitiongofgaccounting.

2. Togidentifygandgdescribegdifferentg classificationsgofgaccounting.

3. Togemphasizegthatg financialgaccountinggstandardsgaregnotgag―fixedgcodegofgrules,‖gbut
g aregestablishedgingresponsegtogusergneedsgandgbusinessgdevelopments.gAccountantsg


needgtogapplygprofessionalgjudgmentg ingthegapplicationgofgaccountinggprinciples.

4. Togemphasizegthegrolegandgsourcesgofgethicsgforgthegaccountinggprofession.

Supporting:

5. Togsummarizeghowgaccountingghasgevolvedgovergtime.

6. Togidentifygsourcesgofgstandardsgforgothergtypesgofgaccountinggandgtogcontrastgth
esegwithgfinancialgaccountinggstandards.

7. Togintroducegthegissuesgassociatedgwithgthegdevelopmentgofginternationalgacc
ountinggstandards.

8. TogdescribegthegcontextgofgthegFASBgConceptualgFrameworkgproject.

9. TogsummarizegConceptsgStatementgNo.g8,gChapterg1g—
gThegObjectivegofgGeneralgPurposeg
FinancialgReporting.

10. Togrelategthegobjectivesgofgfinancialgreportinggforgnonbusinessgorganizationsgtogt
hosegofgbusinessgenterprises.

TEACHINGgOBSERVATIONS/ASSIGNMENTgSUGGESTIONS:

1. Studentsgshouldgbegputgongnoticegaboutgthegjargongofgaccounting,gthegusegofgsynon
ymousgterms,gthegimportancegofgthegcontextgwithingwhichgagtermgisgused,gandgthegne
edgforgprecisiongingthegusegofgterminology.gThegfirstg examplegofgjargongisgthegtermgen
tity.

, 2. Whengdiscussingg"Auditingg—
gPublicgAccounting,"ghavegstudentsgfindgthegauditors'gopiniongingthegCampbellgSoupg
Companyg2020gAnnualgReportg(seegpagesg87-
88gofgthegAppendix).gEmphasizegthatg ag"cleangopinion"gisgnotgag"cleangbillgofghealth."

3. DiscussgthegSummarygofgConceptsgStatementgNo.g8,gChapterg1g—
gThegObjectivegofgFinancialg
Reporting,g ingdetail.

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