Solution Manual for Accounting What The Numbers Mean, 13th Edition By David Marshall, Complete Chapters 1 - 16 (Verified by Experts)

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 t t




CHAPTER tOUTLINE:

I. What tIs tAccounting?
A. Definition
B. Uses tof tAccounting tInformation
C. Classifications
1. Financial tAccounting
2. Managerial tAccounting t/ tCost tAccounting
3. Auditing t— tPublic tAccounting
4. Internal tAuditing
5. Governmental tand tNot-for-Profit tAccounting
6. Income tTax tAccounting

II. How tHas tAccounting tDeveloped?
A. Early tHistory
B. The tAccounting tProfession tin tthe tUnited tStates
C. Financial tAccounting tStandard tSetting tat tthe tPresent tTime
1. Financial tAccounting tStandards tBoard
2. Standards tare tEvolving
D. Standards tfor tOther tTypes tof tAccounting
1. Managerial tAccounting t/ tCost tAccounting
2. Auditing
3. Governmental tand tNot-for-Profit tAccounting
4. Income tTax tAccounting
E. International tAccounting tStandards
F. Ethics tand tthe tAccounting tProfession

III. The tConceptual tFramework
A. Context
B. Summary tof tConcepts tStatement tNo. t8, tChapter t1 t— tThe tObjective tof tGeneral
tPurposetFinancial tReporting

C. Objectives tof tFinancial tReporting tfor tNonbusiness tOrganizations

IV. Plan tof tthe tBook

,TEACHING/LEARNING tOBJECTIVES:

Principal:

1. To tpresent ta tdefinition tof taccounting.

2. To tidentify tand tdescribe tdifferent t classifications tof taccounting.

3. To temphasize tthat tfinancial taccounting tstandards tare tnot t a t―fixed tcode tof trules,‖
tbut t are testablished tin tresponse tto tuser tneeds tand tbusiness tdevelopments.


tAccountants tneed tto tapplytprofessional tjudgment t in tthe tapplication t of taccounting


tprinciples.




4. To temphasize tthe trole tand tsources tof tethics tfor tthe taccounting tprofession.

Supporting:

5. To tsummarize thow taccounting thas tevolved tover ttime.

6. To tidentify tsources tof tstandards tfor tother ttypes tof taccounting tand tto
tcontrast tthese twithtfinancial taccounting tstandards.




7. To tintroduce tthe tissues tassociated twith tthe tdevelopment tof tinternational
taccountingtstandards.




8. To tdescribe tthe tcontext tof tthe tFASB tConceptual tFramework tproject.

9. To tsummarize tConcepts tStatement tNo. t8, tChapter t1 t— tThe tObjective tof
tGeneral tPurposetFinancial tReporting.




10. To trelate tthe tobjectives tof tfinancial treporting tfor tnonbusiness torganizations
tto tthose toftbusiness tenterprises.




TEACHING tOBSERVATIONS/ASSIGNMENT tSUGGESTIONS:

1. Students tshould tbe tput ton tnotice tabout tthe tjargon tof taccounting, tthe tuse tof
tsynonymous tterms, tthe timportance tof tthe tcontext twithin twhich ta tterm tis tused,


tand tthe tneed tfor tprecisiontin tthe tuse t of tterminology. t The t first t example tof tjargon


tis tthe tterm tentity.

, 2. When tdiscussing t"Auditing t— tPublic tAccounting," thave tstudents tfind tthe
tauditors' topiniontin tthe tCampbell tSoup tCompany t2020 tAnnual tReport t(see tpages


t87-88 tof tthe tAppendix). tEmphasize tthat t a t"clean topinion" t is t not ta t"clean tbill tof


thealth."




3. Discuss tthe tSummary tof tConcepts tStatement tNo. t8, tChapter t1 t— tThe tObjective tof
tFinancialtReporting, t in tdetail.