SOLUTION MANUAL
All Chapters Included
,CHAPTER Accounting—Present and Past
1
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
PurposeFinancial 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 applyprofessional 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 withfinancial accounting standards.
7. To introduce the issues associated with the development of international
accountingstandards.
8. To describe the context of the FASB Conceptual Framework project.
9. To summarize Concepts Statement No. 8, Chapter 1 — The Objective of General
PurposeFinancial Reporting.
All Chapters Included
,CHAPTER Accounting—Present and Past
1
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
PurposeFinancial 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 applyprofessional 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 withfinancial accounting standards.
7. To introduce the issues associated with the development of international
accountingstandards.
8. To describe the context of the FASB Conceptual Framework project.
9. To summarize Concepts Statement No. 8, Chapter 1 — The Objective of General
PurposeFinancial Reporting.
