Financial Accounting IFRS Edition E2 CH.1 Answer

7691 Words Feb 10th, 2014 31 Pages
CHAPTER 1
Accounting in Action
ASSIGNMENT CLASSIFICATION TABLE
Brief
Exercises

A
Problems

B
Problems

5, 6,
7, 11

1A, 2A,
4A

1B, 2B,
4B

3

6, 7, 8,
10, 11

1A, 2A,
4A, 5A

1B, 2B,
4B, 5B

4

8, 9, 12, 13, 2A, 3A,
14, 15, 16, 17 4A, 5A

2B, 3B,
4B, 5B

Learning Objectives

Questions

Do It!

Exercises

1.

Explain what accounting is.

1, 2, 5

1

1

2.

Identify the users and uses of accounting.

3, 4

1

2

3.

Understand why ethics is a fundamental business concept. 4.

Explain accounting standards and the measurement principles.

6

5.

Explain the monetary unit assumption and the economic entity assumption. 7, 8, 9, 10

6.

State the accounting equation, and define its components.

11, 12, 13,
14, 22

1, 2, 3,
4, 5, 8, 9

2

7.
…show more content…
Explain the monetary unit assumption and the economic entity assumption.

6. State the accounting equation, and define its components.

Q1-17
Q1-18
Q1-19
Q1-20
BE1-11

Real–World Focus

8. Understand the four financial statements and how they are prepared. Broadening Your Perspective

E1-6
E1-7

Q1-15
Q1-16
BE1-6
BE1-7

E1-6
E1-7

E1-2

Q1-5
E1-1

7. Analyze the effects of business transactions on the accounting equation. Q1-11
Q1-14
BE1-8
BE1-9
E1-5

E1-4

Q1-6
E1-4

DI1-1

4. Explain accounting standards and the measurement principles. Q1-3
Q1-4
E1-3

DI1-1

2. Identify the users and uses of accounting. Q1-1
Q1-2

3. Understand why ethics is a fundamental business concept.

DI1-1

Knowledge Comprehension

1. Explain what accounting is.

Learning Objective

Q1-21
BE1-10
DI1-4
E1-8
E1-9
E1-10
E1-12
E1-14
E1-15
E1-16

DI1-3
E1-8
E1-11
P1-1A
P1-2A

Q1-22
BE1-1
BE1-2
BE1-3
BE1-4
E1-11

E1-17
P1-2A
P1-3A
P1-4A
P1-5A
P1-2B
P1-3B
P1-4B
P1-5B

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

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

Application

Copyright © 2013 John Wiley & Sons, Inc. Weygandt Financial, IFRS, 2/e, Solution’s Manual (For Instructor Use Only)

Financial Reporting
Comparative Analysis

E1-13

Analysis

Synthesis

Comparative Analysis
Decision–Making Across the Organization
Communication Activity
Ethics Case

Evaluation

Correlation Chart between Bloom’s Taxonomy, Learning Objectives and End-of-Chapter Exercises and Problems

BLOOM’S TAXONOMY TABLE

1-5