Solution Manual for Accounting What The Numbers Mean 13th Edition David Marshall

Solution Manual
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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 | |




CHAPTER |OUTLINE:

I. What |Is |Accounting?
A. Definition
B. Uses |of |Accounting |Information
C. Classifications
1. Financial |Accounting
2. Managerial |Accounting |/ |Cost |Accounting
3. Auditing |— |Public |Accounting
4. Internal |Auditing
5. Governmental |and |Not-for-Profit |Accounting
6. Income |Tax |Accounting

II. How |Has |Accounting |Developed?
A. Early |History
B. The |Accounting |Profession |in |the |United |States
C. Financial |Accounting |Standard |Setting |at |the |Present |Time
1. Financial |Accounting |Standards |Board
2. Standards |are |Evolving
D. Standards |for |Other |Types |of |Accounting
1. Managerial |Accounting |/ |Cost |Accounting
2. Auditing
3. Governmental |and |Not-for-Profit |Accounting
4. Income |Tax |Accounting
E. International |Accounting |Standards
F. Ethics |and |the |Accounting |Profession

III. The |Conceptual |Framework
A. Context
B. Summary |of |Concepts |Statement |No. |8, |Chapter |1 |— |The |Objective |of |General
|Purpose|Financial |Reporting

C. Objectives |of |Financial |Reporting |for |Nonbusiness |Organizations

IV. Plan |of |the |Book

,TEACHING/LEARNING |OBJECTIVES:

Principal:

1. To |present |a |definition |of |accounting.

2. To |identify |and |describe |different |classifications |of |accounting.

3. To |emphasize |that |financial |accounting |standards |are |not |a |―fixed |code |of |rules,‖ |but
| are |established |in |response |to |user |needs |and |business |developments. |Accountants


|need |to |apply|professional |judgment | in |the |application |of |accounting |principles.




4. To |emphasize |the |role |and |sources |of |ethics |for |the |accounting |profession.

Supporting:

5. To |summarize |how |accounting |has |evolved |over |time.

6. To |identify |sources |of |standards |for |other |types |of |accounting |and |to |contrast
|these |with|financial |accounting |standards.




7. To |introduce |the |issues |associated |with |the |development |of |international
|accounting|standards.




8. To |describe |the |context |of |the |FASB |Conceptual |Framework |project.

9. To |summarize |Concepts |Statement |No. |8, |Chapter |1 |— |The |Objective |of |General
|Purpose|Financial |Reporting.




10. To |relate |the |objectives |of |financial |reporting |for |nonbusiness |organizations |to
|those |of|business |enterprises.




TEACHING |OBSERVATIONS/ASSIGNMENT |SUGGESTIONS:

1. Students |should |be |put |on |notice |about |the |jargon |of |accounting, |the |use |of
|synonymous |terms, |the |importance |of |the |context |within |which |a |term |is |used, |and


|the |need |for |precision|in |the |use |of |terminology. |The | first | example |of |jargon |is |the


|term |entity.

, 2. When |discussing |"Auditing |— |Public |Accounting," |have |students |find |the |auditors'
|opinion|in |the |Campbell |Soup |Company |2020 |Annual |Report |(see |pages |87-88 |of |the


|Appendix). |Emphasize |that | a |"clean |opinion" | is |not |a |"clean |bill |of |health."




3. Discuss |the |Summary |of |Concepts |Statement |No. |8, |Chapter |1 |— |The |Objective |of
|Financial|Reporting, | in |detail.