Solution Manual Accounting What The Numbers Mean 13th Edition by David Marshall All Chapters 1 - 16

Solution Manual

Accounting What The Numbers Mean

13th Edition by David Marshall
All Chapters 1 - 16

,CHAPTER

1
Accounting—Present and Past qy qy




CHAPTER OUTLINE: qy




I. What Is Accounting?
qy qy




A. Definition
B. Uses of Accounting Informationqy qy qy




C. Classifications
1. Financial Accounting qy




2. Managerial Accounting / Cost Accounting qy qy qy qy




3. Auditing — Public Accounting qy qy qy




4. Internal Auditing qy




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




6. Income Tax Accounting qy qy




II. How Has Accounting Developed?
qy qy qy




A. Early History qy




B. The Accounting Profession in the United States
qy qy qy qy qy qy




C. Financial Accounting Standard Setting at the Present Time
qy qy qy qy qy qy qy




1. Financial Accounting Standards Board qy qy qy




2. Standards are Evolving qy qy




D. Standards for Other Types of Accounting qy qy qy qy qy




1. Managerial Accounting / Cost Accounting qy qy qy qy




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




4. Income Tax Accounting qy qy




E. International Accounting Standards qy qy




F. Ethics and the Accounting Professionqy qy qy qy




III. The Conceptual Framework
qy qy




A. Context
B. Summary of Concepts Statement No. 8, Chapter 1 — qy qy qy qy qy qy qy qy




qyThe Objective of General PurposeFinancial Reporting
qy qy qy qy q
y qy




C. Objectives of Financial Reporting for Nonbusiness Organizations qy qy qy qy qy qy




IV. Plan of the Book
qy qy qy

,TEACHING/LEARNING OBJECTIVES: qy




Principal:

1. To present a definition of accounting.
qy qy qy qy qy




2. To identify and describe different classifications of accounting.
qy qy qy qy qy qy qy




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




re established in response to user needs and business developments. Accountants nee
qy qy qy qy qy qy qy qy qy qy qy




d to applyprofessional judgment in the application of accounting principles.
qy qy q
y qy qy qy qy qy qy qy




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




Supporting:

5. To summarize how accounting has evolved over time.
qy qy qy qy qy qy qy




6. To identify sources of standards for other types of accounting and to contrast thes
qy qy qy qy qy qy qy qy qy qy qy qy qy




e withfinancial accounting standards.
qy q
y qy qy




7. To introduce the issues associated with the development of international acco
qy qy qy qy qy qy qy qy qy qy




untingstandards. q
y




8. To describe the context of the FASB Conceptual Framework project.
qy qy qy qy qy qy qy qy qy




9. To summarize Concepts Statement No. 8, Chapter 1 —
qy qy qy qy qy qy qy qy




The Objective of General PurposeFinancial Reporting.
qy qy qy qy qy q
y qy




10. To relate the objectives of financial reporting for nonbusiness organizations to th
qy qy qy qy qy qy qy qy qy qy qy




ose ofbusiness enterprises.
qy q
y qy




TEACHING OBSERVATIONS/ASSIGNMENT SUGGESTIONS:
qy qy




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




ous terms, the importance of the context within which a term is used, and the need for
qy qy qy qy qy qy qy qy qy qy qy qy qy qy qy qy qy




precisionin the use of terminology. The first example of jargon is the term entity.
q
y qy qy qy qy qy qy qy qy qy qy qy qy qy




2. When discussing "Auditing — qy qy qy

, Public Accounting," have students find the auditors' opinionin the Campbell Soup Co
qy qy qy qy qy qy qy qy q
y qy qy qy qy




mpany 2020 Annual Report (see pages 87-
qy qy qy qy qy qy




88 of the Appendix). Emphasize that a "clean opinion" is not a "clean bill of health."
qy qy qy qy qy qy qy qy qy qy qy qy qy qy qy




3. Discuss the Summary of Concepts Statement No. 8, Chapter 1 —
qy qy qy qy qy qy qy qy qy qy




The Objective of FinancialReporting, in detail.
qy qy qy qy q
y qy qy