Solution gManual g
Accounting gWhat gThe gNumbers gMean g
13th gEdition gby gDavid gMarshall g
All gChapters g1 g- g16 g
,CHAPTER
1
Accounting—Present gand
gPast
CHAPTER gOUTLINE:
I. What gIs gAccounting?
A. Definition
B. Uses gof gAccounting gInformation
C. Classifications
1. Financial gAccounting
2. Managerial gAccounting g/ gCost gAccounting
3. Auditing g— gPublic gAccounting
4. Internal gAuditing
5. Governmental gand gNot-for-Profit gAccounting
6. Income gTax gAccounting
II. How gHas gAccounting gDeveloped?
A. Early gHistory
B. The gAccounting gProfession gin gthe gUnited gStates
C. Financial gAccounting gStandard gSetting gat gthe gPresent gTime
1. Financial gAccounting gStandards gBoard
2. Standards gare gEvolving
D. Standards gfor gOther gTypes gof gAccounting
1. Managerial gAccounting g/ gCost gAccounting
2. Auditing
3. Governmental gand gNot-for-Profit gAccounting
4. Income gTax gAccounting
E. International gAccounting gStandards
F. Ethics gand gthe gAccounting gProfession
III. The gConceptual gFramework
A. Context
B. Summary gof gConcepts gStatement gNo. g8, gChapter g1 g— gThe gObjective
gof gGeneral gPurpose gFinancial gReporting
C. Objectives gof gFinancial gReporting gfor gNonbusiness gOrganizations
IV. Plan gof gthe gBook
,TEACHING/LEARNING gOBJECTIVES:
Principal:
1. To gpresent ga gdefinition gof gaccounting.
2. To gidentify gand gdescribe gdifferent gclassifications gof gaccounting.
3. To gemphasize gthat gfinancial gaccounting gstandards gare gnot ga g―fixed
gcode gof grules,‖ gbut gare gestablished gin gresponse gto guser gneeds gand
gbusiness gdevelopments. gAccountants gneed gto gapplygprofessional gjudgment
gin gthe gapplication gof gaccounting gprinciples.
4. To gemphasize gthe grole gand gsources gof gethics gfor gthe gaccounting gprofession.
Supporting:
5. To gsummarize ghow gaccounting ghas gevolved gover gtime.
6. To gidentify gsources gof gstandards gfor gother gtypes gof gaccounting gand
gto gcontrast gthese gwith gfinancial gaccounting gstandards.
7. To gintroduce gthe gissues gassociated gwith gthe gdevelopment gof
ginternational gaccounting gstandards.
8. To gdescribe gthe gcontext gof gthe gFASB gConceptual gFramework gproject.
9. To gsummarize gConcepts gStatement gNo. g8, gChapter g1 g— gThe
gObjective gof gGeneral gPurposegFinancial gReporting.
10. To grelate gthe gobjectives gof gfinancial greporting gfor gnonbusiness
gorganizations gto gthose gofgbusiness genterprises.
TEACHING gOBSERVATIONS/ASSIGNMENT gSUGGESTIONS:
1. Students gshould gbe gput gon gnotice gabout gthe gjargon gof gaccounting,
gthe guse gof gsynonymous gterms, gthe gimportance gof gthe gcontext gwithin
gwhich ga gterm gis gused, gand gthe gneed gfor gprecision gin gthe guse gof
gterminology. gThe gfirst gexample gof gjargon gis gthe gterm gentity.
, 2. When gdiscussing g"Auditing g— gPublic gAccounting," ghave gstudents gfind
gthe gauditors' gopinion gin gthe gCampbell gSoup gCompany g2020 gAnnual
gReport g(see gpages g87-88 gof gthe gAppendix). gEmphasize gthat ga g"clean
gopinion" gis gnot ga g"clean gbill gof ghealth."
3. Discuss gthe gSummary gof gConcepts gStatement gNo. g8, gChapter g1 g— gThe
gObjective gof gFinancial gReporting, gin gdetail.
Accounting gWhat gThe gNumbers gMean g
13th gEdition gby gDavid gMarshall g
All gChapters g1 g- g16 g
,CHAPTER
1
Accounting—Present gand
gPast
CHAPTER gOUTLINE:
I. What gIs gAccounting?
A. Definition
B. Uses gof gAccounting gInformation
C. Classifications
1. Financial gAccounting
2. Managerial gAccounting g/ gCost gAccounting
3. Auditing g— gPublic gAccounting
4. Internal gAuditing
5. Governmental gand gNot-for-Profit gAccounting
6. Income gTax gAccounting
II. How gHas gAccounting gDeveloped?
A. Early gHistory
B. The gAccounting gProfession gin gthe gUnited gStates
C. Financial gAccounting gStandard gSetting gat gthe gPresent gTime
1. Financial gAccounting gStandards gBoard
2. Standards gare gEvolving
D. Standards gfor gOther gTypes gof gAccounting
1. Managerial gAccounting g/ gCost gAccounting
2. Auditing
3. Governmental gand gNot-for-Profit gAccounting
4. Income gTax gAccounting
E. International gAccounting gStandards
F. Ethics gand gthe gAccounting gProfession
III. The gConceptual gFramework
A. Context
B. Summary gof gConcepts gStatement gNo. g8, gChapter g1 g— gThe gObjective
gof gGeneral gPurpose gFinancial gReporting
C. Objectives gof gFinancial gReporting gfor gNonbusiness gOrganizations
IV. Plan gof gthe gBook
,TEACHING/LEARNING gOBJECTIVES:
Principal:
1. To gpresent ga gdefinition gof gaccounting.
2. To gidentify gand gdescribe gdifferent gclassifications gof gaccounting.
3. To gemphasize gthat gfinancial gaccounting gstandards gare gnot ga g―fixed
gcode gof grules,‖ gbut gare gestablished gin gresponse gto guser gneeds gand
gbusiness gdevelopments. gAccountants gneed gto gapplygprofessional gjudgment
gin gthe gapplication gof gaccounting gprinciples.
4. To gemphasize gthe grole gand gsources gof gethics gfor gthe gaccounting gprofession.
Supporting:
5. To gsummarize ghow gaccounting ghas gevolved gover gtime.
6. To gidentify gsources gof gstandards gfor gother gtypes gof gaccounting gand
gto gcontrast gthese gwith gfinancial gaccounting gstandards.
7. To gintroduce gthe gissues gassociated gwith gthe gdevelopment gof
ginternational gaccounting gstandards.
8. To gdescribe gthe gcontext gof gthe gFASB gConceptual gFramework gproject.
9. To gsummarize gConcepts gStatement gNo. g8, gChapter g1 g— gThe
gObjective gof gGeneral gPurposegFinancial gReporting.
10. To grelate gthe gobjectives gof gfinancial greporting gfor gnonbusiness
gorganizations gto gthose gofgbusiness genterprises.
TEACHING gOBSERVATIONS/ASSIGNMENT gSUGGESTIONS:
1. Students gshould gbe gput gon gnotice gabout gthe gjargon gof gaccounting,
gthe guse gof gsynonymous gterms, gthe gimportance gof gthe gcontext gwithin
gwhich ga gterm gis gused, gand gthe gneed gfor gprecision gin gthe guse gof
gterminology. gThe gfirst gexample gof gjargon gis gthe gterm gentity.
, 2. When gdiscussing g"Auditing g— gPublic gAccounting," ghave gstudents gfind
gthe gauditors' gopinion gin gthe gCampbell gSoup gCompany g2020 gAnnual
gReport g(see gpages g87-88 gof gthe gAppendix). gEmphasize gthat ga g"clean
gopinion" gis gnot ga g"clean gbill gof ghealth."
3. Discuss gthe gSummary gof gConcepts gStatement gNo. g8, gChapter g1 g— gThe
gObjective gof gFinancial gReporting, gin gdetail.
