Accounting Principles 5th Edition Textbook Answer Key
CHAPTER 11
Financial Reporting Concepts
ASSIGNMENT CLASSIFICATION TABLE
Study Objectives
Questions Brief Exercises
Exercises Problems
Set A Problems
Set B
1. Explain the importance of having a conceptual framework of accounting, and list the components. 1, 2 1 3 3
2. Identify and apply the objective of financial reporting and the underlying assumptions used by accountants. 3, 4, 5 2, 3, 6 1, 2, 4, 5, 6 1, 2, 4, 5 1, 2, 4, 5
3. Describe the fundamental and enhancing qualitative characteristic of financial reporting. 6, 7, 8, 9, 10, 12 4, 6 2, 3, 4, 5 1, 2, 3 1, 2, 3
4. Identify and apply the constraints on financial reporting. 11, 12, 13, 14 5, 6, 7 5, 6 3, 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, 13 4, 5, 6, 7, 8, 9, 10, 11 4, 5, 6, 7, 8, 9, 10, 11 4, 5, 6, 7, 8, 9, 10, 11
ASSIGNMENT CHARACTERISTICS TABLE
Problem Number
Description Difficulty Level Time
Allotted (min.)
1A Comment on objective of financial reporting, relevance, and faithful representation. Moderate 15-20
2A Assumptions and concepts – going concern, full disclosure. Moderate 15-25
3A Comment on objective of financial reporting, qualitative characteristics, and constraints. Moderate 15-20
4A Identify concept or assumption violated and prepare entries. Moderate 20-30
5A Identify assumption or concepts and correct entries. Moderate 15-25 6A Identify point of revenue and expense recognition. Moderate 15-20
7A Calculate revenue at various points of recognition. Moderate 20-30
8A Calculate revenue, expense, and gross profit – percentage-of-completion and zero profit methods. Moderate 15-25
9A Revise revenue, expense, and gross profit – percentage-of-completion. Complex 15-25
10A Calculate revenue, expense, and gross profit – percentage-of-completion method. Moderate 20-30
11A Revenue recognition
Financial Reporting Concepts
ASSIGNMENT CLASSIFICATION TABLE
Study Objectives
Questions Brief Exercises
Exercises Problems
Set A Problems
Set B
1. Explain the importance of having a conceptual framework of accounting, and list the components. 1, 2 1 3 3
2. Identify and apply the objective of financial reporting and the underlying assumptions used by accountants. 3, 4, 5 2, 3, 6 1, 2, 4, 5, 6 1, 2, 4, 5 1, 2, 4, 5
3. Describe the fundamental and enhancing qualitative characteristic of financial reporting. 6, 7, 8, 9, 10, 12 4, 6 2, 3, 4, 5 1, 2, 3 1, 2, 3
4. Identify and apply the constraints on financial reporting. 11, 12, 13, 14 5, 6, 7 5, 6 3, 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, 13 4, 5, 6, 7, 8, 9, 10, 11 4, 5, 6, 7, 8, 9, 10, 11 4, 5, 6, 7, 8, 9, 10, 11
ASSIGNMENT CHARACTERISTICS TABLE
Problem Number
Description Difficulty Level Time
Allotted (min.)
1A Comment on objective of financial reporting, relevance, and faithful representation. Moderate 15-20
2A Assumptions and concepts – going concern, full disclosure. Moderate 15-25
3A Comment on objective of financial reporting, qualitative characteristics, and constraints. Moderate 15-20
4A Identify concept or assumption violated and prepare entries. Moderate 20-30
5A Identify assumption or concepts and correct entries. Moderate 15-25 6A Identify point of revenue and expense recognition. Moderate 15-20
7A Calculate revenue at various points of recognition. Moderate 20-30
8A Calculate revenue, expense, and gross profit – percentage-of-completion and zero profit methods. Moderate 15-25
9A Revise revenue, expense, and gross profit – percentage-of-completion. Complex 15-25
10A Calculate revenue, expense, and gross profit – percentage-of-completion method. Moderate 20-30
11A Revenue recognition