Solution Manual for Intermediate Accounting 18th Edition, by Donald E. Kieso, Jerry J. Weygandt and Terry D. Warfield .Chapter 1- 23

CHAPTER 1 l




Financial Accounting and Accounting Standards l l l l




ASSIGNMENT CLASSIFICATION TABLE (By Topic)
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Topics Questions Cases

1. Subject matter of accounting.
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2. Environment of accounting. l l 2, 3, 28l l 6, 7l




3. Role of principles, objectives, standards,
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and accounting theory.
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4. Historical development of GAAP.
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5. Authoritative pronouncements and rule-
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making bodies.
l l 16, 17, 18, 19,
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20, 21 l




6. Role of pressure groups.
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l l l 10, 16, 17
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26, 27
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7. Ethical issues.
l 29 13, 15 l

,ASSIGNMENT CLASSIFICATION TABLE (By Learning Objective) l l l l l




Learning Objectives
l Questions Cases
1. Identify the major financial statements and other
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l CA1-4, CA1-5
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means of financial reporting.
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2. Explain how accounting assists in the efficient
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use of scarce resources.
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3. Identify the objective of financial reporting.
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l CA1-2, CA1-3, CA1-4,
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CA1-5, CA1-6
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4. Explain the need for accounting standards.
l l l l l 6 CA1-3, CA1-7, CA1-9
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5. Identify the major policy-setting bodies and their
l l l l l l 8, 9, 10, 11,13, 14, 15,
l l l l l CA1-1, CA1-2, CA1-3,
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role in the standard-setting process.
l l l l l 16, 19 l CA1-7, CA1-8, CA1-9,
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CA1-11, CA1-14
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6. Explain the meaning of generally accepted
l l l l l 12, 14, 18, 19, 20, 21
l l l l l CA1-2, CA1-3, CA1-7,
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accounting principles (GAAP) and the role of the
l l l l l l l l CA1-8, CA1-12
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codification for GAAP.
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7. Describe the impact of user groups on the rule-
l l l l l l l l 17, 22, 23, 24, 25, 26,
l l l l l CA1-10, CA1-11, CA1-
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making process.
l l 27 13, CA1-16, CA1-17
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8. Describe some of the challenges facing financial
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reporting.
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9. Understand issues related to ethics and l l l l l 16, 17, 29l l CA1-6, CA1-13, CA1-15
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financial accounting.
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,ASSIGNMENT CHARACTERISTICS TABLE
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Level of
l Time
Item Description Difficulty
l l (minutes)

CA1-1 FASB and standard-setting.
l l Simple 15–20
CA1-2 GAAP and standard-setting.
l l Simple 15–20
CA1-3 Financial reporting and accounting standards.
l l l l Simple 15–20
CA1-4 Financial accounting. l Simple 15–20
CA1-5 Objective of financial reporting. l l l Moderate 20–25
CA1-6 Accounting numbers and the environment. l l l l Simple 10–15
CA1-7 Need for GAAP.
l l Simple 15–20
CA1-8 AICPA’s role in rule-making. l l l Simple 20–25
CA1-9 FASB role in rule-making.
l l l Simple 20–25
CA1-10 Politicalization of GAAP. l l Complex 30–40
CA1-11 Models for setting GAAP.
l l l Simple 15–20
CA1-12 GAAP terminology.l Moderate 30–40
CA1-13 Rule-making Issues. l Complex 20–25
CA1-14 Securities and Exchange Commission. l l l Moderate 30–40
CA1-15 Financial reporting pressures. l l Moderate 25–35
CA1-16 Economic consequences. l Moderate 25–35
CA1-17 GAAP and economic consequences.
l l l Moderate 25–35

, SOLUTIONS TO CODIFICATION EXERCISES l l l




CE1-1
The information at this link describes the elements offered in The FASB Accounting Standards Codification.
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As indicated, the website offers several resources to enhance your working knowledge of the Codification
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and the Codification Research System. This page includes links to help pages which describe specific
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and the Notice to Constituents are also available on this page.
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Help pages l




FAQ
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Learning Guide l




About the Codification—Notice of Constituents l l l l




CE1-2
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Standards Updates.
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Content-related feedback l




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General feedback l




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CE1-3
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