Solution manual for accounting what the numbers mean 13th edition david marshall

SOLUTION MANUAL ii
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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 ANDPAST u u




CHAPTERu OUTLINE:

I. WHATu ISu ACCOUNTING?
A. DEFINITION
B. USESu OFuACCOUNTINGu INFORMATION
C. CLASSIFICATIONS
1. FINANCIALu ACCOUNTING
2. MANAGERIALuACCOUNTINGu /u COSTu ACCOUNTING
3. AUDITINGu —u PUBLICu ACCOUNTING
4. INTERNALuAUDITING
5. GOVERNMENTALuANDu NOT-FOR-PROFITu ACCOUNTING
6. INCOMEu TAXu ACCOUNTING

II. HOWu HASu ACCOUNTINGu DEVELOPED?
A. EARLYu HISTORY
B. THEu ACCOUNTINGu PROFESSIONu INu THEu UNITEDu STATES
C. FINANCIALu ACCOUNTINGu STANDARDu SETTINGu ATu THEu PRESENTu TIME
1. FINANCIALu ACCOUNTINGu STANDARDSu BOARD
2. STANDARDSu AREuEVOLVING
D. STANDARDSu FORu OTHERu TYPESu OFu ACCOUNTING
1. MANAGERIALuACCOUNTINGu /u COSTu ACCOUNTING
2. AUDITING
3. GOVERNMENTALuANDu NOT-FOR-PROFITu ACCOUNTING
4. INCOMEu TAXu ACCOUNTING
E. INTERNATIONALuACCOUNTINGu STANDARDS
F. ETHICSu ANDu THEu ACCOUNTINGu PROFESSION

III. THEu CONCEPTUALuFRAMEWORK
A. CONTEXT
B. SUMMARYuOFuCONCEPTSuSTATEMENTuNO.u8,uCHAPTERu1u—
uTHEu OBJECTIVEuOFu GENERALuPURPOSEiFINANCIALu REPORTING
C. OBJECTIVESu OFu FINANCIALuREPORTINGu FORu NONBUSINESSu ORGANIZATIONS

IV. PLANu OFu THEu BOOK

,TEACHING/LEARNINGu OBJECTIVES:

PRINCIPAL:

1. TOu PRESENTu Au DEFINITIONu OFuACCOUNTING.

2. TOu IDENTIFYuANDu DESCRIBEu DIFFERENTuCLASSIFICATIONSu OFu ACCOUNTING.

3. TOu EMPHASIZEu THATu FINANCIALu ACCOUNTINGu STANDARDSu AREu NOTu A
―FIXEDuuCODEuuOFu RULES,‖uuBUTuuAREuuESTABLISHEDuuINuRESPONSEu TOuuUSERuNEEDSu
ANDuBUSINESSuDEVELOPMENTS.uACCOUNTANTSuNEEDuTOuAPPLYuPROFESSIONALu
JUDGMENTu INu THEu APPLICATIONu OFuACCOUNTINGu PRINCIPLES.

4. TOu EMPHASIZEu THEu ROLEu ANDu SOURCESu OFuETHICSu FORu THEu ACCOUNTINGu PROFESSION.

SUPPORTING:

5. TOu SUMMARIZEu HOWu ACCOUNTINGu HASu EVOLVEDu OVERu TIME.

6. TOuIDENTIFYuSOURCESuOFuSTANDARDSuFORuOTHERuTYPESuOFuACCOUNTING
uANDuTOuCONTRASTuTHESEuWITHFINANCIALuACCOUNTINGu STANDARDS.

7. TOuINTRODUCEuTHEuISSUESuASSOCIATEDuWITHuTHEuDEVELOPMENTuOFuIN
TERNATIONALu ACCOUNTINGSTANDARDS.

8. TOu DESCRIBEu THEu CONTEXTu OFuTHEu FASBu CONCEPTUALu FRAMEWORKu PROJECT.

9. TOu SUMMARIZEu CONCEPTSu STATEMENTu NO.u 8,u CHAPTERu 1u —
u THEu
OBJECTIVEuuOFuuGENERALuuPURPOSEiFINANCIALu REPORTING.

10. TOu RELATEu THEu OBJECTIVESu OFu FINANCIALu REPORTINGu FORu NONBUSINESSu
ORGANIZATIONSu TOu THOSEu OFBUSINESSu ENTERPRISES.

TEACHINGu OBSERVATIONS/ASSIGNMENTu SUGGESTIONS:

1. STUDENTSuSHOULDuBEuPUTuONuNOTICEuABOUTu THEu JARGONu OFuACCOUNTING,
u THEu USEu OFu SYNONYMOUSu TERMS,u THEu IMPORTANCEu OFuTHEu CONTEXTu WIT
HINu WHICHu Au TERMu ISu USED,u ANDu THEu NEEDu FORu PRECISIONIN

, THEu USEu OFu TERMINOLOGY.u THEu FIRSTu EXAMPLEu OFu JARGONu ISu THEu TERM
ENTITY.

2. WHENuDISCUSSINGu"AUDITINGu—
uPUBLICuACCOUNTING,"uHAVEuSTUDENTSu FINDuTHEuAUDITORS'uOPINIONINuTHEu
CAMPBELLuSOUPuCOMPANYu2020uANNUALu REPORTu (SEEu PAGESu 87-
88u OFu THEu APPENDIX).u EMPHASIZEu THATu Au"CLEANu OPINION"u ISu NOTu Au "CLE
ANu BILLuOFu HEALTH."

3. DISCUSSu THEu SUMMARYu OFu CONCEPTSu STATEMENTu NO.u 8,u CHAPTERu 1u —
u THEu
OBJECTIVEu OFu FINANCIALREPORTING,u INu DETAIL.