Solution Manual for Accounting What The Numbers Mean, 13th Edition By David Marshall | Verified Chapter's 1 - 16 | Complete Newest Version

Solution Manual

Accounting What The Numbers Mean

13th Edition by David Marshall

All Chapters 1 - 16

,CHAPTER

1
Accounting—Present and Past bf bf




CHAPTER OUTLINE: bf




I. What Is Accounting?
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A. Definition
B. Uses of Accounting Information
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C. Classifications
1. Financial Accounting bf



2. Managerial Accounting / Cost Accounting bf bf bf bf



3. Auditing — Public Accounting bf bf bf



4. Internal Auditing bf



5. Governmental and Not-for-Profit Accounting bf bf bf



6. Income Tax Accounting bf bf




II. How Has Accounting Developed?
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A. Early History bf



B. The Accounting Profession in the United States
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C. Financial Accounting Standard Setting at the Present Time
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1. Financial Accounting Standards Board bf bf bf



2. Standards are Evolving bf bf



D. Standards for Other Types of Accounting bf bf bf bf bf



1. Managerial Accounting / Cost Accounting bf bf bf bf



2. Auditing
3. Governmental and Not-for-Profit Accounting bf bf bf



4. Income Tax Accounting bf bf



E. International Accounting Standards bf bf



F. Ethics and the Accounting Profession
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III. The Conceptual Framework
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A. Context
B. Summary of Concepts Statement No. 8, Chapter 1 —
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bf The Objective of General PurposeFinancial Reporting
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C. Objectives of Financial Reporting for Nonbusiness Organizations
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IV. Plan of the Book
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,TEACHING/LEARNING OBJECTIVES: bf




Principal:

1. To present a definition of accounting.
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2. To identify and describe different classifications of accounting.
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3. To emphasize that financial accounting standards are not a ―fixed code of rules,‖ but
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are established in response to user needs and business developments. Accountants n
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eed to applyprofessional judgment in the application of accounting principles.
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4. To emphasize the role and sources of ethics for the accounting profession.
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Supporting:

5. To summarize how accounting has evolved over time.
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6. To identify sources of standards for other types of accounting and to contrast th
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ese withfinancial accounting standards.
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7. To introduce the issues associated with the development of international acc
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ountingstandards. b
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8. To describe the context of the FASB Conceptual Framework project.
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9. To summarize Concepts Statement No. 8, Chapter 1 —
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The Objective of General PurposeFinancial Reporting.
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10. To relate the objectives of financial reporting for nonbusiness organizations to t
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hose ofbusiness enterprises.
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TEACHING OBSERVATIONS/ASSIGNMENT SUGGESTIONS:
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1. Students should be put on notice about the jargon of accounting, the use of synony
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mous terms, the importance of the context within which a term is used, and the need
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for precisionin the use of terminology. The first example of jargon is the term entity.
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2. When discussing "Auditing —
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, Public Accounting," have students find the auditors' opinionin the Campbell Soup C
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ompany 2020 Annual Report (see pages 87-
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88 of the Appendix). Emphasize that a "clean opinion" is not a "clean bill of health."
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3. Discuss the Summary of Concepts Statement No. 8, Chapter 1 —
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The Objective of FinancialReporting, in detail.
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