Accounting Principles 5th Edition Textbook Answer Key

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CHAPTER 11

Financial Reporting Concepts

ASSIGNMENT CLASSIFICATION TABLE

Study Objectives
QuestionsBrief Exercises
ExercisesProblems
Set A
Problems
Set B
1.Explain the importance of having a conceptual framework of accounting, and list the components.
1, 2133
2.Identify and apply the objective of financial reporting and the underlying assumptions used by accountants.
3, 4, 5 2, 3, 61, 2, 4, 5, 61, 2, 4, 51, 2, 4, 5
3.Describe the fundamental and enhancing qualitative characteristic of financial reporting.
6, 7, 8, 9, 10, 124, 62, 3, 4, 51, 2, 31, 2, 3
4.Identify and apply the constraints on financial reporting.
11, 12, 13, 145, 6, 75, 63, 4
3, 4
5.Identify and apply the basic recognition and measurement concepts of accounting.
15, 16, 17, 18, 19, 20, 21, 22, 23
5, 6, 7, 8, 9, 10, 11, 12, 134, 5, 6, 7, 8, 9, 10, 114, 5, 6, 7, 8, 9, 10, 114, 5, 6, 7, 8, 9, 10, 11

ASSIGNMENT CHARACTERISTICS TABLE

Problem Number
DescriptionDifficulty LevelTime
Allotted (min.)

1AComment on objective of financial reporting, relevance, and faithful representation.
Moderate15-20
2AAssumptions and concepts – going concern, full disclosure.
Moderate15-25
3AComment on objective of financial reporting, qualitative characteristics, and constraints.
Moderate15-20
4AIdentify concept or assumption violated and prepare entries.
Moderate20-30
5AIdentify assumption or concepts and correct entries.Moderate15-25

6AIdentify point of revenue and expense recognition.
Moderate15-20
7ACalculate revenue at various points of recognition.
Moderate20-30
8ACalculate revenue, expense, and gross profit – percentage-of-completion and zero profit methods.
Moderate15-25
9ARevise revenue, expense, and gross profit – percentage-of-completion.
Complex15-25
10ACalculate revenue, expense, and gross profit – percentage-of-completion method.
Moderate20-30
11ARevenue recognition criteria – sale of goods.
Complex20-30
1BComment on relevance and faithful representation.
Simple10-15
2BComment on the application of accounting assumptions and concepts.
Moderate15-25
3BComment on objective of financial reporting, qualitative characteristics, and constraints.
Moderate15-20
4BIdentify elements, assumptions, constraints, and recognition and measurement criteria.
Moderate20-30
5BIdentify assumptions and concepts and correct entries.Moderate15-25

6BIdentify point of revenue and expense recognition.
Moderate15-20
7BCalculate revenue at various points of recognition.
Moderate20-30
8BCalculate revenue, expense, and gross profit – percentage-of-completion and zero profit methods.
Moderate15-25
9BRevise revenue, expense, and gross profit – percentage-of-completion method.
Complex15-25
10BCalculate revenue, expense, and gross profit – percentage-of-completion method.
Moderate20-30
11BDetermine when to recognize revenue when revenues are uncertain.Complex20-30

BLOOM’S TAXONOMY TABLE

Correlation Chart between Bloom’s Taxonomy, Study Objectives and End-of-Chapter Material.

Study ObjectivesKnowledgeComprehensionApplicationAnalysisSynthesisEvaluation 1.Explain the importance of having a conceptual framework of accounting, and list the components.
BE11-1
Q11-1
Q11-2
P11-3A
P11-3B

2.Identify and apply the objective of financial reporting and the underlying assumptions used by accountants.
Q11-3
BE11-3

Q11-4
Q11-5
BE11-2
BE11-6
E11-2
E11-4
P11-1A
P11-1B
E11-1
E11-5
P11-2A
P11-2B
E11-6
P11-4A
P11-5A
P11-4B
P11-5B

3.Describe the fundamental and enhancing qualitative characteristic of financial reporting.
Q11-6
Q11-7
Q11-9
BE11-4

Q11-8
Q11-10
Q11-12
BE11-6
E11-2
E11-3
E11-4
P11-1A
P11-3A
P11-1B
P11-3BE11-5
P11-2A
P11-2B

4.Identify and apply the constraints on financial reporting.
Q11-11
Q11-12...
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