Income Measurement and Profitability Analysis

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AACSB assurance of learning standards in accounting and business education require documentation of outcomes assessment. Although schools, departments, and faculty may approach assessment and its documentation differently, one approach is to provide specific questions on exams that become the basis for assessment. To aid faculty in this endeavor, we have labeled each question, exercise, and problem in Intermediate Accounting, 7e, with the following AACSB learning skills:

QuestionsAACSB Tags
5–1Reflective thinking
5–2Reflective thinking
5–3Reflective thinking
5–4Reflective thinking
5–5Reflective thinking
5–6Reflective thinking
5–7Reflective thinking
5–8Reflective thinking
5–9Reflective thinking
5–10Reflective thinking
5–11Diversity, Reflective thinking
5–12Reflective thinking
5–13Reflective thinking
5–14Reflective thinking
5–15Diversity, Reflective thinking
5–16Reflective thinking
5–17Reflective thinking
5–18Reflective thinking
5–19Reflective thinking
5–20Reflective thinking
5–21Diversity, Reflective thinking
5–22Reflective thinking
5–23Reflective thinking
5–24Reflective thinking
5–25Reflective thinking
5–26Reflective thinking
5–27Reflective thinking

Brief ExercisesAACSB Tags
5–1Analytic
5–2Reflective thinking
5–3Analytic
5–4Analytic
5–5Analytic
5–6Reflective thinking, Communications
5–7Analytic
5–8Analytic
5–9Analytic
5–10Diversity, Analytic
5–11Analytic
5–12Reflective thinking, Analytic
5–13Diversity, Reflective thinking, Analytic
5–14Analytic
5–15Analytic
5–16Analytic
5–17Analytic
5–18Analytic
5–19Reflective thinking
5–20Reflective thinking
5–21Reflective thinking
5–22Analytic
5–23Analytic
5–24Reflective thinking
5–25Analytic

ExercisesAACSB Tags
5–1Reflective thinking, Analytic
5–2Reflective thinking, Analytic
5–3Analytic
5–4Analytic
5–5Analytic
5–6Analytic
5–7Analytic
5–8Analytic
5–9Analytic
5–10Reflective thinking, Communications
5–11Analytic
5–12Diversity, Analytic
5–13Analytic
5–14Analytic
5–15Analytic
5–16Analytic
5–17Reflective thinking, Communications
5–18Analytic
5–19Analytic
5–20Diversity, Analytic
5–21Analytic
5–22Reflective thinking
5–23Analytic, Communications
5–24Analytic, Communications
5–25Analytic
5–26Analytic
5–27Analytic
5–28Analytic
5–29Analytic
5–30Diversity, Analytic
5–31Reflective thinking, Analytic
5–32Reflective thinking, Analytic
5–33Reflective thinking
5–34Reflective thinking, Analytic
5–35Analytic
5–36Reflective thinking
5–37Reflective thinking
5–38Analytic
CPA/CMAAACSB Tags
1Analytic
2Analytic
3Analytic
4Reflective thinking
5Analytic
6Analytic
7Diversity, Reflective thinking
8Diversity, Analytic
9Diversity, Reflective thinking
10Diversity, Reflective thinking
1Analytic
2Reflective thinking
3Analytic
Problems
5–1Analytic
5–2Analytic
5–3Analytic
5–4Analytic, Communications
5–5Analytic
5–6Analytic
5–7Diversity, Analytic
5–8Analytic
5–9Analytic, Communications
5–10Analytic, Communications
5–11Analytic
5–12Analytic, Communications
5–13Analytic
5–14Analytic, Communications
5–15Analytic
5–16Reflective thinking, Analytic
5–17Reflective thinking, Communications
5–18Analytic
5–19Analytic

QUESTIONS FOR REVIEW OF KEY TOPICS
Question 5–1
The realization principle requires that two criteria be satisfied before revenue can be recognized: 1.The earnings process is judged to be complete or virtually complete. 2.There is reasonable certainty as to the collectibility of the asset to be received (usually cash). Question 5–2

At the time production is completed, there usually exists significant uncertainty as to the collectibility of the asset to be received. We don’t know if the product will be sold, nor the selling price, nor the buyer if eventually the product is sold. Because of these uncertainties, revenue...
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