Accounting What The Numbers Mean
13th Edition by David Marshall
All Chapters 1 - 16
,CHAPTER
1
Accounting—Present and Past Q Q
CHAPTERQOUTLINE:
I. WhatQIsQAccounting?
A. Definition
B. UsesQofQAccountingQInformation
C. Classifications
1. FinancialQAccounting
2. ManagerialQAccountingQ/QCostQAccounting
3. AuditingQ—QPublicQAccounting
4. InternalQAuditing
5. GovernmentalQandQNot-for-ProfitQAccounting
6. IncomeQTaxQAccounting
II. HowQHasQAccountingQDeveloped?
A. EarlyQHistory
B. TheQAccountingQProfessionQinQtheQUnitedQStates
C. FinancialQAccountingQStandardQSettingQatQtheQPresentQTime
1. FinancialQAccountingQStandardsQBoard
2. StandardsQareQEvolving
D. StandardsQforQOtherQTypesQofQAccounting
1. ManagerialQAccountingQ/QCostQAccounting
2. Auditing
3. GovernmentalQandQNot-for-ProfitQAccounting
4. IncomeQTaxQAccounting
E. InternationalQAccountingQStandards
F. EthicsQandQtheQAccountingQProfession
III. TheQConceptualQFramework
A. Context
B. SummaryQofQConceptsQStatementQ No.Q8,QChapterQ1Q —
QTheQObjectiveQofQGeneralQPurposeQ FinancialQReporting
C. ObjectivesQofQFinancialQReportingQforQNonbusinessQOrganizations
IV. PlanQofQtheQBook
,TEACHING/LEARNINGQOBJECTIVES:
Principal:
1. ToQpresentQaQdefinitionQofQaccounting.
2. ToQidentifyQandQdescribeQdifferentQ classificationsQofQaccounting.
3. ToQemphasizeQthatQ financialQaccountingQstandardsQareQnotQ aQ―fixedQcodeQofQrules,‖Qb
utQareQestablishedQinQresponseQtoQuserQneedsQandQbusinessQdevelopments.QAccounta
ntsQneedQtoQapplyQprofessionalQjudgmentQ inQtheQapplicationQofQaccountingQprinciples
.
4. ToQemphasizeQtheQroleQandQsourcesQofQethicsQforQtheQaccountingQprofession.
Supporting:
5. ToQsummarizeQhowQaccountingQhasQevolvedQoverQtime.
6. ToQidentifyQsourcesQofQstandardsQforQotherQtypesQofQaccountingQandQtoQcontrastQ
theseQwithQfinancialQaccountingQstandards.
7. ToQintroduceQtheQissuesQassociatedQwithQtheQdevelopmentQofQinternationalQa
ccountingQstandards.
8. ToQdescribeQtheQcontextQofQtheQFASBQConceptualQFrameworkQproject.
9. ToQsummarizeQConceptsQStatementQNo.Q8,QChapterQ1Q—
QTheQObjectiveQofQGeneralQPurposeQ
FinancialQReporting.
10. ToQrelateQtheQobjectivesQofQfinancialQreportingQforQnonbusinessQorganizationsQt
oQthoseQofQbusinessQenterprises.
TEACHINGQOBSERVATIONS/ASSIGNMENTQSUGGESTIONS:
1. StudentsQshouldQbeQputQonQnoticeQaboutQtheQjargonQofQaccounting,QtheQuseQofQsyno
nymousQterms,QtheQimportanceQofQtheQcontextQwithinQwhichQaQtermQisQused,QandQthe
Q needQ forQprecisionQ
inQtheQuseQofQterminology.QTheQ firstQ exampleQofQjargonQisQtheQter
mQentity.
, 2. WhenQdiscussingQ"AuditingQ—
QPublicQAccounting,"QhaveQstudentsQfindQtheQauditors'QopinionQinQtheQCampbellQSou
pQCompanyQ2020QAnnualQReportQ(seeQpagesQ87-
88QofQtheQAppendix).QEmphasizeQthatQ aQ"cleanQopinion"QisQnotQaQ"cleanQbillQofQhealth
."
3. DiscussQtheQSummaryQofQConceptsQStatementQNo.Q8,QChapterQ1Q—
QTheQObjectiveQofQFinancialQ
Reporting,Q inQdetail.