Solution Manual
n n
Accounting What The Numbers Mean
n n n n n
13th Edition by David Marshall
n n n n n
All Chapters 1 - 16
n n n n n
,CHAPTER
Accounting—Present and Past
1
n n
CHAPTER nOUTLINE:
I. What nIs nAccounting?
A. Definition
B. Uses nof nAccounting nInformation
C. Classifications
1. Financial nAccounting
2. Managerial nAccounting n/ nCost nAccounting
3. Auditing n— nPublic nAccounting
4. Internal nAuditing
5. Governmental nand nNot-for-Profit nAccounting
6. Income nTax nAccounting
II. How nHas nAccounting nDeveloped?
A. Early nHistory
B. The nAccounting nProfession nin nthe nUnited nStates
C. Financial nAccounting nStandard nSetting nat nthe nPresent nTime
1. Financial nAccounting nStandards nBoard
2. Standards nare nEvolving
D. Standards nfor nOther nTypes nof nAccounting
1. Managerial nAccounting n/ nCost nAccounting
2. Auditing
3. Governmental nand nNot-for-Profit nAccounting
4. Income nTax nAccounting
E. International nAccounting nStandards
F. Ethics nand nthe nAccounting nProfession
III. The nConceptual nFramework
A. Context
B. Summary nof nConcepts nStatement nNo. n8, nChapter n1 n— nThe nObjective nof
nGeneral nPurposen Financial nReporting
C. Objectives nof nFinancial nReporting nfor nNonbusiness nOrganizations
IV. Plan nof nthe nBook
,TEACHING/LEARNING nOBJECTIVES:
Principal:
1. To npresent na ndefinition nof naccounting.
2. To nidentify nand ndescribe ndifferent n classifications nof naccounting.
3. To nemphasize nthat nfinancial naccounting nstandards nare nnot na n―fixed ncode nof
nrules,‖ nbut n are nestablished nin nresponse nto nuser nneeds nand nbusiness
ndevelopments. nAccountants nneed nto napplyn professional njudgment nin nthe
napplication n of naccounting nprinciples.
4. To nemphasize nthe nrole nand nsources nof nethics nfor nthe naccounting nprofession.
Supporting:
5. To nsummarize nhow naccounting nhas nevolved nover ntime.
6. To nidentify nsources nof nstandards nfor nother ntypes nof naccounting nand nto
ncontrast nthese nwithn
financial naccounting nstandards.
7. To nintroduce nthe nissues nassociated nwith nthe ndevelopment nof ninternational
naccountingn
standards.
8. To ndescribe nthe ncontext nof nthe nFASB nConceptual nFramework nproject.
9. To nsummarize nConcepts nStatement nNo. n8, nChapter n1 n— nThe nObjective nof
nGeneral nPurposen
Financial nReporting.
10. To nrelate nthe nobjectives nof nfinancial nreporting nfor nnonbusiness
norganizations nto nthose nofnbusiness nenterprises.
TEACHING nOBSERVATIONS/ASSIGNMENT nSUGGESTIONS:
1. Students nshould nbe nput non nnotice nabout nthe njargon nof naccounting, nthe nuse nof
nsynonymous n terms, nthe nimportance nof nthe ncontext nwithin nwhich na nterm nis
nused, nand nthe nneed nfor nprecisionn
in nthe nuse nof nterminology. nThe nfirst nexample
nof njargon nis nthe nterm nentity.
2. When ndiscussing n"Auditing n— nPublic nAccounting," nhave nstudents nfind nthe
nauditors' nopinionn
in nthe nCampbell nSoup nCompany n2020 nAnnual nReport n(see
, pages n87-88 nof nthe nAppendix). nEmphasize nthat na n"clean nopinion" nis nnot na
n
"clean nbill nof nhealth."
n
3. Discuss nthe nSummary nof nConcepts nStatement nNo. n8, nChapter n1 n— nThe
nObjective nof nFinancialn
Reporting, n in ndetail.
n n
Accounting What The Numbers Mean
n n n n n
13th Edition by David Marshall
n n n n n
All Chapters 1 - 16
n n n n n
,CHAPTER
Accounting—Present and Past
1
n n
CHAPTER nOUTLINE:
I. What nIs nAccounting?
A. Definition
B. Uses nof nAccounting nInformation
C. Classifications
1. Financial nAccounting
2. Managerial nAccounting n/ nCost nAccounting
3. Auditing n— nPublic nAccounting
4. Internal nAuditing
5. Governmental nand nNot-for-Profit nAccounting
6. Income nTax nAccounting
II. How nHas nAccounting nDeveloped?
A. Early nHistory
B. The nAccounting nProfession nin nthe nUnited nStates
C. Financial nAccounting nStandard nSetting nat nthe nPresent nTime
1. Financial nAccounting nStandards nBoard
2. Standards nare nEvolving
D. Standards nfor nOther nTypes nof nAccounting
1. Managerial nAccounting n/ nCost nAccounting
2. Auditing
3. Governmental nand nNot-for-Profit nAccounting
4. Income nTax nAccounting
E. International nAccounting nStandards
F. Ethics nand nthe nAccounting nProfession
III. The nConceptual nFramework
A. Context
B. Summary nof nConcepts nStatement nNo. n8, nChapter n1 n— nThe nObjective nof
nGeneral nPurposen Financial nReporting
C. Objectives nof nFinancial nReporting nfor nNonbusiness nOrganizations
IV. Plan nof nthe nBook
,TEACHING/LEARNING nOBJECTIVES:
Principal:
1. To npresent na ndefinition nof naccounting.
2. To nidentify nand ndescribe ndifferent n classifications nof naccounting.
3. To nemphasize nthat nfinancial naccounting nstandards nare nnot na n―fixed ncode nof
nrules,‖ nbut n are nestablished nin nresponse nto nuser nneeds nand nbusiness
ndevelopments. nAccountants nneed nto napplyn professional njudgment nin nthe
napplication n of naccounting nprinciples.
4. To nemphasize nthe nrole nand nsources nof nethics nfor nthe naccounting nprofession.
Supporting:
5. To nsummarize nhow naccounting nhas nevolved nover ntime.
6. To nidentify nsources nof nstandards nfor nother ntypes nof naccounting nand nto
ncontrast nthese nwithn
financial naccounting nstandards.
7. To nintroduce nthe nissues nassociated nwith nthe ndevelopment nof ninternational
naccountingn
standards.
8. To ndescribe nthe ncontext nof nthe nFASB nConceptual nFramework nproject.
9. To nsummarize nConcepts nStatement nNo. n8, nChapter n1 n— nThe nObjective nof
nGeneral nPurposen
Financial nReporting.
10. To nrelate nthe nobjectives nof nfinancial nreporting nfor nnonbusiness
norganizations nto nthose nofnbusiness nenterprises.
TEACHING nOBSERVATIONS/ASSIGNMENT nSUGGESTIONS:
1. Students nshould nbe nput non nnotice nabout nthe njargon nof naccounting, nthe nuse nof
nsynonymous n terms, nthe nimportance nof nthe ncontext nwithin nwhich na nterm nis
nused, nand nthe nneed nfor nprecisionn
in nthe nuse nof nterminology. nThe nfirst nexample
nof njargon nis nthe nterm nentity.
2. When ndiscussing n"Auditing n— nPublic nAccounting," nhave nstudents nfind nthe
nauditors' nopinionn
in nthe nCampbell nSoup nCompany n2020 nAnnual nReport n(see
, pages n87-88 nof nthe nAppendix). nEmphasize nthat na n"clean nopinion" nis nnot na
n
"clean nbill nof nhealth."
n
3. Discuss nthe nSummary nof nConcepts nStatement nNo. n8, nChapter n1 n— nThe
nObjective nof nFinancialn
Reporting, n in ndetail.
