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ACCO 310 Chapter 2 Solutions

By Pearl-Ho | May 2014

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Kieso, Weygandt, Warfield, Young, Wiecek, McConomy

Intermediate Accounting, Tenth Canadian Edition

CHAPTER 2

CONCEPTUAL FRAMEWORK UNDERLYING FINANCIAL REPORTING

ASSIGNMENT CLASSIFICATION TABLE Topic

Brief Exercise

Usefulness of the Conceptual Framework (CF) and main components of CF

Exercise

Problem

5, 7

Writing assignments 1

Qualitative Characteristics

1,2,3,9

1,5,6,7

2,3,4,5,7,8

3,5

Elements

4,5,6,7

2,7

2,3,5,8

3

Foundational Principles

1,2,3,5,7,8 2,3,4,5,6,7,8,9,10

Accounting choices

1,8

Standard setting trends

8,10

Fair value

8,10,11

11

2,6,7

4

Solutions Manual 2-1 Chapter 2 Copyright © 2013 John Wiley & Sons Canada, Ltd. Unauthorized copying, distribution, or transmission of this page is strictly prohibited.

Kieso, Weygandt, Warfield, Young, Wiecek, McConomy

Intermediate Accounting, Tenth Canadian Edition

ASSIGNMENT CHARACTERISTICS TABLE

Item E2-1 E2-2 E2-3 E2-4 E2-5 E2-6 E2-7 E2-8 E2-9 E2-10 E2-11

Description Qualitative characteristics. Elements of financial statements. Foundational principles Foundational principles Foundational principles Tradeoffs in financial reporting Accounting principles–comprehensive Full Disclosure Going Concern Revenue recognition principle Fair Value

Level of Difficulty Moderate Simple Simple Moderate Moderate Moderate Moderate Complex Simple Moderate Moderate

P2-1 P2-2 P2-3 P2-4 P2-5 P2-6 P2-7 P2-8

Financial reporting issues Accounting Principles - comprehensive Accounting Principles - comprehensive Tradeoffs in financial reporting Accounting Principles - comprehensive Financial engineering. Issues in financial