Full Solution Manual for Accounting What The Numbers Mean 13th Edition David Marshall

SolutionManual
u




AccountingWhatTheNumbersMean 13th
u u u u u




u EditionbyDavid Marshall
u u u




AllChapters1 -16
u u u u

,CHAPTER
Accounting—PresentandPast
1
u u




CHAPTEROUTLINE: u




I. What IsAccounting?
u u




A. Definition
B. UsesofAccounting Information u u u




C. Classifications
1. FinancialAccounting u




2. ManagerialAccounting/CostAccounting u u u u




3. Auditing—Public Accounting u u u




4. InternalAuditing u




5. GovernmentalandNot-for-ProfitAccounting u u u




6. IncomeTaxAccounting u u




II. HowHasAccounting Developed?
u u u




A. EarlyHistory u




B. TheAccounting Profession intheUnited States
u u u u u u




C. FinancialAccountingStandardSetting atthePresent Time
u u u u u u u




1. FinancialAccountingStandardsBoard u u u




2. StandardsareEvolving u u




D. Standardsfor OtherTypesofAccounting u u u u u




1. ManagerialAccounting/CostAccounting u u u u




2. Auditing
3. GovernmentalandNot-for-Profit Accounting u u u




4. IncomeTaxAccounting u u




E. InternationalAccountingStandards u u




F. Ethicsandthe AccountingProfession u u u u




III. TheConceptualFramework
u u




A. Context
B. SummaryofConcepts Statement No. 8, Chapter1 —TheObjective ofGeneral
u u u u u u u u u u u u




u PurposeFinancial Reporting u




C. ObjectivesofFinancialReportingfor NonbusinessOrganizations u u u u u u




IV. Plan ofthe Book
u u u

,TEACHING/LEARNINGOBJECTIVES: u




Principal:

1. To present a definitionofaccounting.
u u u u u




2. Toidentifyand describe different classificationsofaccounting.
u u u u u u u




3. To emphasize that financial accounting standards are not a ―fixed code of rules,‖ but are
u u u u u u u u u u u u u u




established in response to user needs and business developments. Accountantsneed
u u u u u u u u u u u




toapplyprofessional judgment intheapplication ofaccounting principles.
u u u u u u u u u




4. To emphasize the role and sources ofethics forthe accounting profession.
u u u u u u u u u u u




Supporting:

5. Tosummarize how accountinghasevolvedovertime.
u u u u u u u




6. To identify sourcesof standardsfor othertypesof accountingandto contrast these
u u u u u u u u u u u u u




withfinancial accounting standards.
u u u




7. Tointroducetheissuesassociatedwiththedevelopment ofinternational
u u u u u u u u u




accountingstandards.
u




8. To describethe contextofthe FASB ConceptualFramework project.
u u u u u u u u u




9. To summarizeConcepts Statement No. 8, Chapter1 — TheObjectiveof General
u u u u u u u u u u u u




PurposeFinancial Reporting.
u u




10. Torelatetheobjectivesoffinancialreporting fornonbusinessorganizationsto
u u u u u u u u u u




uthose ofbusiness enterprises.
u u




TEACHINGOBSERVATIONS/ASSIGNMENTSUGGESTIONS:
u u




1. Students should be put on notice about the jargon of accounting, the use of
u u u u u u u u u u u u u




synonymous terms, the importance ofthecontext within whichatermisused, and the
u u u u u u u u u u u u u u u




need for precisionin the use of terminology. The first example of jargon is the term
u u u u u u u u u u u u u u u




entity.
u

, 2. Whendiscussing"Auditing — PublicAccounting," have studentsfindtheauditors'
u u u u u u u u u u




opinionin the Campbell Soup Company 2020 Annual Report (see pages 87-88 of the
u u u u u u u u u u u u u




Appendix). Emphasize that a "clean opinion" is not a "clean bill of health."
u u u u u u u u u u u u u




3. Discuss theSummaryof ConceptsStatement No. 8, Chapter1 — TheObjective of
u u u u u u u u u u u u u




FinancialReporting, in detail.
u u u