Chapter 1 Kimmel- Financial Accounting
CHAPTER 1
Introduction to Financial Statements
Study Objectives
1. 2. 3. 4. 5. 6. Describe the primary forms of business organization. Identify the users and uses of accounting information. Explain the three principal types of business activity. Describe the content and purpose of each of the financial statements. Explain the meaning of assets, liabilities, and stockholders’ equity, and state the basic accounting equation. Describe the components that supplement the financial statements in an annual report.
Summary of Questions by Study Objectives and Bloom’s Taxonomy
Item 1. 2. 3. 4. 5. 1. 2. 3. 1. 1. 2. 3. 4. 1. SO 1 1 1 2 2 1 2 3, 4 1 1, 2, 4, 6 3 3, 4 4 1 BT K K K C C K K K C Item 6. 7. 8. 9. SO 2 3 4 4 BT C C K C Item 10. 11. 12. 13. SO 4 4 4 5 BT C K C AP Item 14. 15. 16. 17. SO 5 5 5 5 BT K K AP C Item 18. 19. 20. 21. SO 6 6 6 5 BT K C K C Questions
Brief Exercises 4. 5. 4 4, 5 C AP 6. 7. 4, 5 4 K K 8. 9. 5 5 AP AP 10. 11. 5 6 K K
Do It! Review Exercises 2. 5. K C C AP C 6. 7. 8. 2. 3 4 4 4 4 2, 4, 5 2, 4, 5 K AP AP AP C 3. 9. 10. 11. 4 4, 5 4, 5 4, 5 AP AP AP AP 4. 12. 13. 14. 6 5 5 5 C AP AP AP 15. 16. 17. 5 5 6 AP AP K Exercises
Problems: Set A 3. K Problems: Set B 1. 1 C 2. 3. K 4, 5 AP 4. 4, 5 AP 5. 4, 5 AP 4, 5 AP 4. 4, 5 AP 5. 4, 5 AP
Copyright © 2011 John Wiley & Sons, Inc.
Kimmel Accounting, 4/e Solutions Manual
(For Instructor Use Only)
1-1
ASSIGNMENT CHARACTERISTICS TABLE
Problem Number 1A 2A 3A Difficulty Level Simple Simple Moderate Time Allotted (min.) 15–20 15–20 40–50
Description Determine forms of business organization. Identify users and uses of financial statements. Prepare an income statement, retained earnings statement, and balance sheet; discuss results. Determine items included in a statement of cash flows, prepare the statement, and comment. Comment on proper accounting treatment and prepare a corrected balance sheet. Determine forms of business organization. Identify users and uses of financial
Introduction to Financial Statements
Study Objectives
1. 2. 3. 4. 5. 6. Describe the primary forms of business organization. Identify the users and uses of accounting information. Explain the three principal types of business activity. Describe the content and purpose of each of the financial statements. Explain the meaning of assets, liabilities, and stockholders’ equity, and state the basic accounting equation. Describe the components that supplement the financial statements in an annual report.
Summary of Questions by Study Objectives and Bloom’s Taxonomy
Item 1. 2. 3. 4. 5. 1. 2. 3. 1. 1. 2. 3. 4. 1. SO 1 1 1 2 2 1 2 3, 4 1 1, 2, 4, 6 3 3, 4 4 1 BT K K K C C K K K C Item 6. 7. 8. 9. SO 2 3 4 4 BT C C K C Item 10. 11. 12. 13. SO 4 4 4 5 BT C K C AP Item 14. 15. 16. 17. SO 5 5 5 5 BT K K AP C Item 18. 19. 20. 21. SO 6 6 6 5 BT K C K C Questions
Brief Exercises 4. 5. 4 4, 5 C AP 6. 7. 4, 5 4 K K 8. 9. 5 5 AP AP 10. 11. 5 6 K K
Do It! Review Exercises 2. 5. K C C AP C 6. 7. 8. 2. 3 4 4 4 4 2, 4, 5 2, 4, 5 K AP AP AP C 3. 9. 10. 11. 4 4, 5 4, 5 4, 5 AP AP AP AP 4. 12. 13. 14. 6 5 5 5 C AP AP AP 15. 16. 17. 5 5 6 AP AP K Exercises
Problems: Set A 3. K Problems: Set B 1. 1 C 2. 3. K 4, 5 AP 4. 4, 5 AP 5. 4, 5 AP 4, 5 AP 4. 4, 5 AP 5. 4, 5 AP
Copyright © 2011 John Wiley & Sons, Inc.
Kimmel Accounting, 4/e Solutions Manual
(For Instructor Use Only)
1-1
ASSIGNMENT CHARACTERISTICS TABLE
Problem Number 1A 2A 3A Difficulty Level Simple Simple Moderate Time Allotted (min.) 15–20 15–20 40–50
Description Determine forms of business organization. Identify users and uses of financial statements. Prepare an income statement, retained earnings statement, and balance sheet; discuss results. Determine items included in a statement of cash flows, prepare the statement, and comment. Comment on proper accounting treatment and prepare a corrected balance sheet. Determine forms of business organization. Identify users and uses of financial