Solution Manual Accounting What The Numbers Mean 13th Edition by David Marshall All Chapters 1 - 16  

Solution Manual

Accounting What The Numbers Mean

13th Edition by David Marshall
All Chapters 1 - 16

,CHAPTER

1
Accounting—Present and Past nj nj




CHAPTER OUTLINE: nj




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


2. Managerial Accounting / Cost Accounting nj nj nj nj


3. Auditing — Public Accounting nj nj nj


4. Internal Auditing nj


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


6. Income Tax Accounting nj nj




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


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 nj nj nj


2. Standards are Evolving nj nj


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


1. Managerial Accounting / Cost Accounting nj nj nj nj


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


4. Income Tax Accounting nj nj


E. International Accounting Standards nj nj


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 — The Objective of General
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nj PurposeFinancial Reporting n
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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: nj




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,‖
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but are established in response to user needs and business developments.
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Accountants need to applyprofessional judgment in the application of accounting
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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
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contrast these withfinancial accounting standards.
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7. To introduce the issues associated with the development of international
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accountingstandards.
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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 — The Objective of
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General PurposeFinancial Reporting.
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10. To relate the objectives of financial reporting for nonbusiness organizations
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to those 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
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synonymous terms, the importance of the context within which a term is used,
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and the need for precisionin the use of terminology. The first example of jargon
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is the term entity.
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, 2. When discussing "Auditing — Public Accounting," have students find the
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auditors' opinionin the Campbell Soup Company 2020 Annual Report (see pages
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87-88 of the Appendix). Emphasize that a "clean opinion" is not a "clean bill of
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health."
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3. Discuss the Summary of Concepts Statement No. 8, Chapter 1 — The Objective of
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FinancialReporting, in detail.
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