Accounting: What the Numbers Mean Test Bank 13th Edition (PDF) | 2023 | Accounting Exam Questions | Marshall, McManus & Viele | ISBN: 9781260247879

TEST BANK
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Accounting What The Numbers Mean
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13th Edition by David Marshall
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All Chapters 1 - 16
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,CHAPTER

1
Accounting—Present and Past f f




CHAPTERfOUTLINE:

I. WhatfIsfAccounting?
A. Definition
B. UsesfoffAccountingfInformation
C. Classifications
1. FinancialfAccounting
2. ManagerialfAccountingf/fCostfAccounting
3. Auditingf—fPublicfAccounting
4. InternalfAuditing
5. GovernmentalfandfNot-for-ProfitfAccounting
6. IncomefTaxfAccounting

II. HowfHasfAccountingfDeveloped?
A. EarlyfHistory
B. ThefAccountingfProfessionfinfthefUnitedfStates
C. FinancialfAccountingfStandardfSettingfatfthefPresentfTime
1. FinancialfAccountingfStandardsfBoard
2. StandardsfarefEvolving
D. StandardsfforfOtherfTypesfoffAccounting
1. ManagerialfAccountingf/fCostfAccounting
2. Auditing
3. GovernmentalfandfNot-for-ProfitfAccounting
4. IncomefTaxfAccounting
E. InternationalfAccountingfStandards
F. EthicsfandfthefAccountingfProfession

III. ThefConceptualfFramework
A. Context
B. SummaryfoffConceptsfStatementfNo.f8,fChapterf1f—
fThefObjectivefoffGeneralfPurposefFinancialfReporting

C. ObjectivesfoffFinancialfReportingfforfNonbusinessfOrganizations

IV. PlanfoffthefBook

,TEACHING/LEARNINGfOBJECTIVES:

Principal:

1. Tofpresentfafdefinitionfoffaccounting.

2. Tofidentifyfandfdescribefdifferentfclassificationsfoffaccounting.

3. Tofemphasizefthatffinancialfaccountingfstandardsfarefnotfaf―fixedfcodefoffrules,‖fbutfare
festablishedfinfresponseftofuserfneedsfandfbusinessfdevelopments.fAccountantsfneedft


ofapplyfprofessionalfjudgmentfinfthefapplicationfoffaccountingfprinciples.

4. Tofemphasizefthefrolefandfsourcesfoffethicsfforfthefaccountingfprofession.

Supporting:

5. Tofsummarizefhowfaccountingfhasfevolvedfoverftime.

6. Tofidentifyfsourcesfoffstandardsfforfotherftypesfoffaccountingfandftofcontrastfthesef
withffinancialfaccountingfstandards.

7. Tofintroducefthefissuesfassociatedfwithfthefdevelopmentfoffinternationalfaccou
ntingfstandards.

8. TofdescribefthefcontextfoffthefFASBfConceptualfFrameworkfproject.

9. TofsummarizefConceptsfStatementfNo.f8,fChapterf1f—
fThefObjectivefoffGeneralfPurposefFinancialfReporting.




10. Tofrelatefthefobjectivesfofffinancialfreportingfforfnonbusinessforganizationsftoftho
sefoffbusinessfenterprises.

TEACHINGfOBSERVATIONS/ASSIGNMENTfSUGGESTIONS:

1. Studentsfshouldfbefputfonfnoticefaboutfthefjargonfoffaccounting,fthefusefoffsynonymo
usfterms,fthefimportancefoffthefcontextfwithinfwhichfaftermfisfused,fandfthefneedfforfpr
ecisionfinfthefusefoffterminology.fTheffirstfexamplefoffjargonfisftheftermfentity.

2. Whenfdiscussingf"Auditingf—

, PublicfAccounting,"fhavefstudentsffindfthefauditors'fopinionfinfthefCampbellfSoupfCo
f


mpanyf2020fAnnualfReportf(seefpagesf87-
88foffthefAppendix).fEmphasizefthatfaf"cleanfopinion"fisfnotfaf"cleanfbillfoffhealth."

3. DiscussfthefSummaryfoffConceptsfStatementfNo.f8,fChapterf1f—
fThefObjectivefoffFinancialfReporting,f infdetail.