Solution Manual Accounting What The Numbers Mean 13th Edition by David Marshall All Chapters

Solution Manual

Accounting What The Numbers Mean

13th Edition by David Marshall
All Chapters 1 - 16

,CHAPTER

1
Accounting—Present and Past



CHAPTER OUTLINE: NH




I. What Is Accounting?
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A. Definition
B. Uses of Accounting Information
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C. Classifications
1. Financial Accounting NH



2. Managerial Accounting / Cost Accounting NH NH NH NH



3. Auditing — Public Accounting NH NH NH



4. Internal Auditing NH



5. Governmental and Not-for-Profit Accounting NH NH NH



6. Income Tax Accounting NH NH




II. How Has Accounting Developed?
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A. Early History NH



B. The Accounting Profession in the United States
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C. Financial Accounting Standard Setting at the Present Time
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1. Financial Accounting Standards Board NH NH NH



2. Standards are Evolving NH NH



D. Standards for Other Types of Accounting
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1. Managerial Accounting / Cost Accounting NH NH NH NH



2. Auditing
3. Governmental and Not-for-Profit Accounting NH NH NH



4. Income Tax Accounting NH NH



E. International Accounting Standards NH NH



F. Ethics and the Accounting Profession
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III. The Conceptual Framework
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A. Context
B. Summary of Concepts Statement No. 8, Chapter 1 —
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NH The Objective of General PurposeFinancial Reporting
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C. Objectives of Financial Reporting for Nonbusiness Organizations
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IV. Plan of the Book
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,TEACHING/LEARNING OBJECTIVES: NH




Principal:

1. To present a definition of accounting.
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2. To identify and describe different classifications of accounting.
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3. To emphasize that financial accounting standards are not a ―fixed code of rules,‖
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but are established in response to user needs and business developments. Accou
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ntants need to applyprofessional judgment in the application of accounting princi
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ples.

4. To emphasize the role and sources of ethics for the accounting profession.
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Supporting:

5. To summarize how accounting has evolved over time.
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6. To identify sources of standards for other types of accounting and to contras
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t these withfinancial accounting standards.
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7. To introduce the issues associated with the development of international a
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ccountingstandards. N
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8. To describe the context of the FASB Conceptual Framework project.
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9. To summarize Concepts Statement No. 8, Chapter 1 —
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The Objective of General PurposeFinancial Reporting.
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10. To relate the objectives of financial reporting for nonbusiness organizations t
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o those ofbusiness enterprises.
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TEACHING OBSERVATIONS/ASSIGNMENT SUGGESTIONS:
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1. Students should be put on notice about the jargon of accounting, the use of sy
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nonymous terms, the importance of the context within which a term is used, and
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the need for precisionin the use of terminology. The first example of jargon is t
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he term entity.
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, 2. When discussing "Auditing —
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Public Accounting," have students find the auditors' opinionin the Campbell Sou
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p Company 2020 Annual Report (see pages 87-
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88 of the Appendix). Emphasize that a "clean opinion" is not a "clean bill of heal
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th."

3. Discuss the Summary of Concepts Statement No. 8, Chapter 1 —
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The Objective of FinancialReporting, in detail.
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