ACCO 310 Chapter 2 Solutions
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 reporting
Qualitative characteristics.
Simple
Complex
Complex
Moderate
Complex
Moderate
Moderate
Moderate
Time
(minutes)
20-25
15-20
15-20
20-25
25-30
15-20
15-20
25-30
15-20
15-20
15-20
10-15
30-35
30-35
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 reporting
Qualitative characteristics.
Simple
Complex
Complex
Moderate
Complex
Moderate
Moderate
Moderate
Time
(minutes)
20-25
15-20
15-20
20-25
25-30
15-20
15-20
25-30
15-20
15-20
15-20
10-15
30-35
30-35