Financial Accounting Textbook Solution

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CHAPTER 1

Financial Accounting and Accounting Standards

ASSIGNMENT CLASSIFICATION TABLE

| | | | |Topics |Questions |Cases | |1. |Subject matter of accounting. |1 |1 | |2. |Environment of accounting. |2, 3, 4 |3, 4 | |3. |Role of principles, objectives, standards, and accounting |5, 6, 7 |2 | | |theory. | | | |4. |Historical development of GAAP. |8, 9, 10, 11 |5 | |5. |Authoritative pronouncements and rule-making bodies. |12, 13, 14, 15, 16, 17, 18, 19, 20,|6, 8, 9, 10, | | | |21, 22, 23 |11, 13, 14 | |6. |Role of pressure groups. |23, 24, 25, 26, |7, 16, 17 | | | |27, 28 | | |7. |International accounting. |30, 31, 32 | | |8. |Ethical issues. |29 |12, 15 |

ASSIGNMENT CHARACTERISTICS TABLE

| | | |Level of Difficulty |Time | |Item | |Description | |(minutes) | |CA1-1 | |Financial accounting. |Simple | | | | | | |15–20 | |CA1-2 | |Objectives of financial reporting. |Moderate |20–25 | |CA1-3 | |Accounting numbers and the environment. |Simple |10–15 | |CA1-4 | |Need for GAAP. |Simple |15–20 | |CA1-5 | |AICPA’s role in rule making. |Simple |20–25 | |CA1-6 | |FASB role in rule making. |Simple |20–25 | |CA1-7 | |Politicalization of GAAP. |Complex |30–40 | |CA1-8 | |Models for setting GAAP. |Simple |15–20 | |CA1-9 | |GAAP terminology. |Moderate |30–40 | |CA1-10 | |Accounting organizations and documents issued. |Simple |15–20 | |CA1-11 | |Accounting pronouncements....
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