Solucionario Intermediate Accounting
Páginas: 47 (11675 palabras)
Publicado: 7 de septiembre de 2011
CHAPTER 1
Financial Accounting and Accounting Standards
ASSIGNMENT CLASSIFICATION TABLE
Topics 1. 2. 3. 4. 5. Subject matter of accounting. Environment of accounting. Role of principles, objectives, standards, and accounting theory. Historical development of GAAP. Authoritative pronouncements and rulemaking bodies. Role of pressure groups. International accounting. Ethical issues. Questions 12, 3, 4 5, 6, 7 8, 9, 10, 11 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23 23, 24, 25, 26, 27, 28 30, 31, 32 29 12, 15 Cases 1 3, 4 2 5 6, 8, 9, 10, 11, 13, 14 7, 16, 17
6. 7. 8.
Copyright © 2010 John Wiley & Sons, Inc.
Kieso, Intermediate Accounting, 13/e, Solutions Manual
(For Instructor Use Only)
1-1
ASSIGNMENT CHARACTERISTICS TABLE
Level of Difficulty Simple ModerateSimple Simple Simple Simple Complex Simple Moderate Simple Simple Complex Moderate Moderate Moderate Moderate Moderate Time (minutes) 15–20 20–25 10–15 15–20 20–25 20–25 30–40 15–20 30–40 15–20 10–15 20–25 30–40 25–35 25–35 25–35 25–35
Item CA1-1 CA1-2 CA1-3 CA1-4 CA1-5 CA1-6 CA1-7 CA1-8 CA1-9 CA1-10 CA1-11 CA1-12 CA1-13 CA1-14 CA1-15 CA1-16 CA1-17
Description Financial accounting. Objectives offinancial reporting. Accounting numbers and the environment. Need for GAAP. AICPA’s role in rule making. FASB role in rule making. Politicalization of GAAP. Models for setting GAAP. GAAP terminology. Accounting organizations and documents issued. Accounting pronouncements. Rule-making Issues. Securities and Exchange Commission. Rule making process. Financial reporting pressures. Economicconsequences. GAAP and economic consequences.
1-2
Copyright © 2010 John Wiley & Sons, Inc.
Kieso, Intermediate Accounting, 13/e, Solutions Manual
(For Instructor Use Only)
SOLUTIONS TO CODIFICATION EXERCISES
CE1-1
There is no answer to this requirement as it asks the student to register to use the Codification.
CE1-2
(a) The Codification Overview module illustrates three items (1) thetopic structure (2) different methods of accessing and viewing content, and (3) a summary of the unique features of the Codification Research System. (b) The Codification is intended to (1) become the single source of U.S. accounting standards and (2) supersede all of the non-SEC documents used to populate the Codification.
CE1-3
The “What’s New” page provides links to Codification contentthat has been recently issued. During the verification phase, updates may result from either the issuance of Codification update instructions that accompany new Standards or from changes to the Codification due to incorporation of constituent feedback.
Copyright © 2010 John Wiley & Sons, Inc.
Kieso, Intermediate Accounting, 13/e, Solutions Manual
(For Instructor Use Only)
1-3
ANSWERSTO QUESTIONS
1. Financial accounting measures, classifies, and summarizes in report form those activities and that information which relate to the enterprise as a whole for use by parties both internal and external to a business enterprise. Managerial accounting also measures, classifies, and summarizes in report form enterprise activities, but the communication is for the use of internal,managerial parties, and relates more to subsystems of the entity. Managerial accounting is management decision oriented and directed more toward product line, division, and profit center reporting. 2. Financial statements generally refer to the four basic financial statements: balance sheet, income statement, statement of cash flows, and statement of changes in owners’ or stockholders’ equity.Financial reporting is a broader concept; it includes the basic financial statements and any other means of communicating financial and economic data to interested external parties. Examples of financial reporting other than financial statements are annual reports, prospectuses, reports filed with the government, news releases, management forecasts or plans, and descriptions of an enterprise’s social or...
Financial Accounting and Accounting Standards
ASSIGNMENT CLASSIFICATION TABLE
Topics 1. 2. 3. 4. 5. Subject matter of accounting. Environment of accounting. Role of principles, objectives, standards, and accounting theory. Historical development of GAAP. Authoritative pronouncements and rulemaking bodies. Role of pressure groups. International accounting. Ethical issues. Questions 12, 3, 4 5, 6, 7 8, 9, 10, 11 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23 23, 24, 25, 26, 27, 28 30, 31, 32 29 12, 15 Cases 1 3, 4 2 5 6, 8, 9, 10, 11, 13, 14 7, 16, 17
6. 7. 8.
Copyright © 2010 John Wiley & Sons, Inc.
Kieso, Intermediate Accounting, 13/e, Solutions Manual
(For Instructor Use Only)
1-1
ASSIGNMENT CHARACTERISTICS TABLE
Level of Difficulty Simple ModerateSimple Simple Simple Simple Complex Simple Moderate Simple Simple Complex Moderate Moderate Moderate Moderate Moderate Time (minutes) 15–20 20–25 10–15 15–20 20–25 20–25 30–40 15–20 30–40 15–20 10–15 20–25 30–40 25–35 25–35 25–35 25–35
Item CA1-1 CA1-2 CA1-3 CA1-4 CA1-5 CA1-6 CA1-7 CA1-8 CA1-9 CA1-10 CA1-11 CA1-12 CA1-13 CA1-14 CA1-15 CA1-16 CA1-17
Description Financial accounting. Objectives offinancial reporting. Accounting numbers and the environment. Need for GAAP. AICPA’s role in rule making. FASB role in rule making. Politicalization of GAAP. Models for setting GAAP. GAAP terminology. Accounting organizations and documents issued. Accounting pronouncements. Rule-making Issues. Securities and Exchange Commission. Rule making process. Financial reporting pressures. Economicconsequences. GAAP and economic consequences.
1-2
Copyright © 2010 John Wiley & Sons, Inc.
Kieso, Intermediate Accounting, 13/e, Solutions Manual
(For Instructor Use Only)
SOLUTIONS TO CODIFICATION EXERCISES
CE1-1
There is no answer to this requirement as it asks the student to register to use the Codification.
CE1-2
(a) The Codification Overview module illustrates three items (1) thetopic structure (2) different methods of accessing and viewing content, and (3) a summary of the unique features of the Codification Research System. (b) The Codification is intended to (1) become the single source of U.S. accounting standards and (2) supersede all of the non-SEC documents used to populate the Codification.
CE1-3
The “What’s New” page provides links to Codification contentthat has been recently issued. During the verification phase, updates may result from either the issuance of Codification update instructions that accompany new Standards or from changes to the Codification due to incorporation of constituent feedback.
Copyright © 2010 John Wiley & Sons, Inc.
Kieso, Intermediate Accounting, 13/e, Solutions Manual
(For Instructor Use Only)
1-3
ANSWERSTO QUESTIONS
1. Financial accounting measures, classifies, and summarizes in report form those activities and that information which relate to the enterprise as a whole for use by parties both internal and external to a business enterprise. Managerial accounting also measures, classifies, and summarizes in report form enterprise activities, but the communication is for the use of internal,managerial parties, and relates more to subsystems of the entity. Managerial accounting is management decision oriented and directed more toward product line, division, and profit center reporting. 2. Financial statements generally refer to the four basic financial statements: balance sheet, income statement, statement of cash flows, and statement of changes in owners’ or stockholders’ equity.Financial reporting is a broader concept; it includes the basic financial statements and any other means of communicating financial and economic data to interested external parties. Examples of financial reporting other than financial statements are annual reports, prospectuses, reports filed with the government, news releases, management forecasts or plans, and descriptions of an enterprise’s social or...
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