,ACCESS Test Bank for College Accounting 6th Edition Haddock
Price, Haddock, Farina: College Accounting, 17e
Chapter 1 • Accounting: The Language of Business
Related Assignment
Materials
Student Learning Objectives Section Review 1 Section Review 2 Critical Thinking
Problem
1-1 Define accounting. 1.2, 1.3
1-2 Identify and discuss career 1.1, 1.6, 1.7, 1.8,
opportunities in accounting. 1.9
1-3 Identify the users of financial 1.4, 1.5, 1.10,
information. 1.11, 1.12
1-4 Compare and contrast the 2.4, 2.5, 2.6, 2.7 1.1
three types of business
entities.
1-5 Describe the process used to 2.1, 2.2, 2.3
develop generally accepted
accounting principles.
Additional Information on Related Assignment Material available in Connect®
Available on the instructor’s course-specific website, Connect repeats Section Review Questions,
Exercises, Problem Set A, and Critical Thinking Problems. Connect also provides algorithmic versions for
select Exercises, Problem Set A, and Critical Thinking Problems. It allows instructors to monitor,
promote, and assess student learning. It can be used in practice, homework, or exam mode.
We have a variety of tools available to make updating your course as painless as possible. The
Connect Orientation Videos provide an introduction for your students for using Connect to
complete assignments to help get your students up and running in the system. There are videos
covering:
• End-of-Chapter Assignments
• General Ledger
• LearnSmart and Smartbook
General Ledger Problems
Assignable within Connect, General Ledger (GL) problems offer students the ability to see how
transactions post from the general journal all the way through the financial statements. Critical thinking
and analysis components are added to each GL problem to ensure understanding of the entire process.
GL problems are autograded and provide instant feedback to the student.
LearnSmart/Smartbook
Available within Connect, SmartBook makes study time as productive and efficient as possible.
SmartBook identifies and closes knowledge gaps through a continually adapting reading experience that
provides personalized learning resources at the precise moment of need. This ensures that every minute
© McGraw Hill LLC. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw Hill LLC.
1-1
mynursytest.store
,ACCESS Test Bank for College Accounting 6th Edition Haddock
Price, Haddock, Farina: College Accounting, 17e
spent with SmartBook is returned to the student as the most value-added minute possible. The result?
More confidence, better grades, and greater success.
Hints/Guided Examples
The Guided Examples in Connect provide a narrated, animated, step-by-step walk-through of select
quick studies, exercises, and general ledger problems similar to those assigned. These short
presentations can be turned on or off by instructors and provide reinforcement when students need it
most. Please note that they are labeled as “Hints” in Connect assignments. The animated PowerPoints
without the video and audio functions for the Guided Examples are also available in the Connect
Instructor Library and Exercise Presentations. These will be indicated in the Related Assignment
Materials grid on page 1 in blue bold font.
TEACHING OBJECTIVES
1-1 Define Accounting.
1-2 Identify and discuss career opportunities in accounting.
1-3 Identify the users of financial information.
1-4 Compare and contrast the three types of business entities.
1-5 Describe the process used to develop generally accepted accounting principles.
1-6 Define the accounting terms new to this chapter.
SECTIONS
1. What Is Accounting?
2. Business and Accounting
_______________________________________________________________
CHAPTER OVERVIEW/ LEARNING OBJECTIVES
1. This chapter introduces basic accounting concepts and terms. It discusses the importance of
good accounting information to all forms of business.
2. The chapter identifies and discusses career opportunities in accounting including public
accounting, private company accounting, and governmental accounting.
3. In addition, the various users of accounting information are identified including
owners/managers, suppliers, banks, tax authorities, regulatory agencies, and investors as well as
non-profit organizations.
4. The chapter compares and contrasts the three types of business entities: Sole proprietorships,
partnerships, and corporations.
5. The final section of the chapter describes the process used to develop generally accepted
accounting principles—including the importance of the FASB in this process and the importance
of compliance by companies.
© McGraw Hill LLC. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw Hill LLC.
1-2
mynursytest.store
, ACCESS Test Bank for College Accounting 6th Edition Haddock
Price, Haddock, Farina: College Accounting, 17e
Chapter Opener: Thinking Critically
“At the beginning of the chapter, there is a short article about
Uber. Let’s read this together.”
Ask students, “Can you think of any organizations that
would be interested in how Uber is performing?”
Answer—Stockholders, the IRS, SEC, banks, lenders
and creditors are all examples of organizations that
would be interested in how Uber is performing.
Ask students, “Do any of you have checking accounts?”
Have students compare the check writing process to the
accounting process.
Section 1. WHAT IS ACCOUNTING?
The Need for Financial Information
Ask students, what type of financial information they would
need to operate a business successfully.
• Explain that accounting provides a format to organize data
into meaningful information.
Objective 1-1 – Define Accounting
Accounting Defined
• Write the word accounting on the board and underline
the root count.
Ask students, “What do you do when you count?”
© McGraw Hill LLC. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw Hill LLC.
1-3
mynursytest.store
Price, Haddock, Farina: College Accounting, 17e
Chapter 1 • Accounting: The Language of Business
Related Assignment
Materials
Student Learning Objectives Section Review 1 Section Review 2 Critical Thinking
Problem
1-1 Define accounting. 1.2, 1.3
1-2 Identify and discuss career 1.1, 1.6, 1.7, 1.8,
opportunities in accounting. 1.9
1-3 Identify the users of financial 1.4, 1.5, 1.10,
information. 1.11, 1.12
1-4 Compare and contrast the 2.4, 2.5, 2.6, 2.7 1.1
three types of business
entities.
1-5 Describe the process used to 2.1, 2.2, 2.3
develop generally accepted
accounting principles.
Additional Information on Related Assignment Material available in Connect®
Available on the instructor’s course-specific website, Connect repeats Section Review Questions,
Exercises, Problem Set A, and Critical Thinking Problems. Connect also provides algorithmic versions for
select Exercises, Problem Set A, and Critical Thinking Problems. It allows instructors to monitor,
promote, and assess student learning. It can be used in practice, homework, or exam mode.
We have a variety of tools available to make updating your course as painless as possible. The
Connect Orientation Videos provide an introduction for your students for using Connect to
complete assignments to help get your students up and running in the system. There are videos
covering:
• End-of-Chapter Assignments
• General Ledger
• LearnSmart and Smartbook
General Ledger Problems
Assignable within Connect, General Ledger (GL) problems offer students the ability to see how
transactions post from the general journal all the way through the financial statements. Critical thinking
and analysis components are added to each GL problem to ensure understanding of the entire process.
GL problems are autograded and provide instant feedback to the student.
LearnSmart/Smartbook
Available within Connect, SmartBook makes study time as productive and efficient as possible.
SmartBook identifies and closes knowledge gaps through a continually adapting reading experience that
provides personalized learning resources at the precise moment of need. This ensures that every minute
© McGraw Hill LLC. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw Hill LLC.
1-1
mynursytest.store
,ACCESS Test Bank for College Accounting 6th Edition Haddock
Price, Haddock, Farina: College Accounting, 17e
spent with SmartBook is returned to the student as the most value-added minute possible. The result?
More confidence, better grades, and greater success.
Hints/Guided Examples
The Guided Examples in Connect provide a narrated, animated, step-by-step walk-through of select
quick studies, exercises, and general ledger problems similar to those assigned. These short
presentations can be turned on or off by instructors and provide reinforcement when students need it
most. Please note that they are labeled as “Hints” in Connect assignments. The animated PowerPoints
without the video and audio functions for the Guided Examples are also available in the Connect
Instructor Library and Exercise Presentations. These will be indicated in the Related Assignment
Materials grid on page 1 in blue bold font.
TEACHING OBJECTIVES
1-1 Define Accounting.
1-2 Identify and discuss career opportunities in accounting.
1-3 Identify the users of financial information.
1-4 Compare and contrast the three types of business entities.
1-5 Describe the process used to develop generally accepted accounting principles.
1-6 Define the accounting terms new to this chapter.
SECTIONS
1. What Is Accounting?
2. Business and Accounting
_______________________________________________________________
CHAPTER OVERVIEW/ LEARNING OBJECTIVES
1. This chapter introduces basic accounting concepts and terms. It discusses the importance of
good accounting information to all forms of business.
2. The chapter identifies and discusses career opportunities in accounting including public
accounting, private company accounting, and governmental accounting.
3. In addition, the various users of accounting information are identified including
owners/managers, suppliers, banks, tax authorities, regulatory agencies, and investors as well as
non-profit organizations.
4. The chapter compares and contrasts the three types of business entities: Sole proprietorships,
partnerships, and corporations.
5. The final section of the chapter describes the process used to develop generally accepted
accounting principles—including the importance of the FASB in this process and the importance
of compliance by companies.
© McGraw Hill LLC. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw Hill LLC.
1-2
mynursytest.store
, ACCESS Test Bank for College Accounting 6th Edition Haddock
Price, Haddock, Farina: College Accounting, 17e
Chapter Opener: Thinking Critically
“At the beginning of the chapter, there is a short article about
Uber. Let’s read this together.”
Ask students, “Can you think of any organizations that
would be interested in how Uber is performing?”
Answer—Stockholders, the IRS, SEC, banks, lenders
and creditors are all examples of organizations that
would be interested in how Uber is performing.
Ask students, “Do any of you have checking accounts?”
Have students compare the check writing process to the
accounting process.
Section 1. WHAT IS ACCOUNTING?
The Need for Financial Information
Ask students, what type of financial information they would
need to operate a business successfully.
• Explain that accounting provides a format to organize data
into meaningful information.
Objective 1-1 – Define Accounting
Accounting Defined
• Write the word accounting on the board and underline
the root count.
Ask students, “What do you do when you count?”
© McGraw Hill LLC. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw Hill LLC.
1-3
mynursytest.store
