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CHAPTER 1
Accounting in Action
ASSIGNMENT CLASSIFICATION TABLE
Brief
Exercises

A
Problems

B
Problems

5, 6, 7, 11

1A, 2A
4A

1B, 2B
4B

5, 6, 7, 8

6, 7, 8,
10, 11

1A, 2A,
4A, 5A

1B, 2B,
4B, 5B

9, 10

9, 12, 13,
14, 15, 16

2A, 3A,
4A, 5A

2B, 3B,
4B, 5B

Study Objectives

Questions

Exercises

1.

Explain what
accounting is.

1, 2, 5

1

2.

Identify the users and
uses of accounting.

3, 4

2

3.

Understand why ethics
is a fundamental business
concept.

4.

Explain generally accepted
accounting principles
and the cost principle.

6

4

5.

Explain the monetary
unit assumption and
the economic entity
assumption.

7, 8, 9, 10

4

6.

State the accounting
equation, and define
assets, liabilities, and
owner’s equity.

11, 12, 13

1, 2, 3, 4

7.

Analyze the effects of
business transactions on
the accounting equation.

14, 15,
16, 18

8.

Understand the four
financial statements
and how they are
prepared.

17, 19,
20, 21

3

1-1

ASSIGNMENT CHARACTERISTICS TABLE
Problem
Number

Description

Difficulty
Level

Time Allotted
(min.)

1A

Analyze transactions and compute net income.

Moderate

40–50

2A

Analyze transactions and prepare income statement,
owner’s equity statement, and balance sheet.

Moderate

50–60

3A

Prepare income statement, owner’s equity statement, and
balance sheet.

Moderate

50–60

4A

Analyze transactions and prepare financial statements.

Moderate

40–50

5A

Determine financial statement amounts and prepare
owner’s equity statement.

Moderate

40–50

1B

Analyze transactions and compute net income.

Moderate

40–50

2B

Analyze transactions and prepare income statement,
owner’s equity statement, and balance sheet.

Moderate

50–60

3B

Prepare income statement, owner’s equity statement, and
balance sheet.

Moderate

50–60

4B

Analyze transactions and prepare financial statements.

Moderate

40–50

5B

Determine financial statement amounts and prepare
owner’s equity statement.

Moderate

40–50

1-2

Understand why ethics is a fundamental business concept.

Explain generally accepted
accounting principles and the
cost principle.

Explain the monetary unit
assumption and the economic
entity assumption.

State the accounting equation,
and define assets, liabilities, and
owner’s equity.

3.

4.

5.

6.

Analyze the effects of business
transactions on the accounting
equation.

Identify the users and uses of
accounting.

2.

1-3

8.

Broadening Your Perspective

Understand the four financial
statements and how they are
prepared.

7.

Explain what accounting is.

1.

Study Objective

Q1-13
BE1-4
E1-5

Q1-11
Q1-12

P1-2A
P1-4A
P1-1B
P1-2B
P1-4B

P1-2A E1-13
P1-3A
P1-4A
P1-5A
P1-2B
P1-3B
P1-4B
P1-5B

E1-8
E1-10
E1-11
P1-1A
P1-2A
P1-4A
Q1-20
Q1-21
BE1-9
E1-9
E1-12
E1-14
E1-15
E1-16

BE1-6
BE1-7
BE1-8
E1-6
E1-7

Analysis

Financial Reporting
Comparative Analysis
Exploring the Web

P1-5A
P1-1B
P1-2B
P1-4B
P1-5B

BE1-1
BE1-2
BE1-3
E1-11
P1-1A

Application

E1-6
E1-7

E1-2

Q1-5
E1-1

Exploring the Web

Q1-17
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