Solution Manual and Instructor Resource for Intermediate Accounting, 18th Edition, by Donald E. Kieso (Full 1977 Page)

Chapter 1

Financial Accounting and Accounting Standards

Assignment Classification Table (By Topic)

Topics Questions Brief

Exercises

Exercises Critical

Thinking

1. Environment of

accounting, principles,

objectives, standards,

accounting theory.

1,2, 3,4 1 1 1

2. Authoritative

pronouncements and

rule-making bodies.

5,6, 7,8 2 2 2

3. Conceptual frameworkgeneral, objective of

financial reporting.

9, 10 3 3,4

4. Qualitative characteristics of

accounting.

11,12, 13, 14,

15, 16,17

3,4, 5, 6, 7 4,5,6 5, 10

5. Elements of

financial

statements.

18, 19 8, 9 7

6. Basic assumptions and

principles.

20, 21, 22, 23,

24, 25, 26, 27,

28, 29, 30,31

10, 11, 12,

13, 14

4, 8, 9, 10,

11, 12

6, 7, 8, 9, 11

7. Cost constraint. 32,33,34

8. Role of pressure groups. 35, 36 12, 14, 15, 16,

9. Ethical issues. 37, 38,39,40 13

Assignment Classification Table (By Learning Objective)

Learning Objectives Questions Brief

Exercises

Exercises Critical

Thinking

1. Describe the financial reporting

environment, major standardsetting bodies, and the meaning

of generally accepted accounting

principles (GAAP).

1, 2, 3, 4,

5, 6, 7, 8

1, 2 1, 2 1

2. Describe the components and

usefulness of the conceptual

framework.

9, 10, 11, 12,

13, 14, 15, 16,

17, 18, 19

3, 5, 6,

7, 8,9

3, 4, 5, 6, 7 2,3,4, 5,

3. Discuss the basic assumptions

and principles of accounting.

20, 21, 22, 23,

24, 25, 26, 27,

28, 29, 31,

32, 33, 34

4, 10, 11,

12, 13, 14

8, 9, 10, 11,

6, 7, 8, 9,

11, 12

4. Identify the major challenges in

the financial reporting

environment.

30, 35, 36, 37,

38, 39,40

2 11, 13, 14,

15, 16

Assignment Characteristics Table (Time on Task)

Item Description Level of

Difficulty

Time

(minutes)

E1.1 Need for GAAP. Simple 15-20

E1.2 Financial reporting and accounting standards. Simple 15-20

E1.3 Usefulness, objective of financial reporting. Simple 15-20

E1.4 Usefulness, objective of financial reporting,

qualitative characteristics.

Simple 15-20

E1.5 Qualitative characteristics. Moderate 20-30

E1.6 Qualitative characteristics. Simple 15-20

E1.7 Elements of financial statements. Simple 15-20

E1.8 Assumptions, principles, and constraint. Simple 15-20

E1.9 Assumptions, principles, and constraint. Moderate 20-25

E1.10 Full disclosure principle. Complex 20-25

E1.11 Accounting principles and assumptionscomprehensive.

Moderate 20-25

E1.12 Accounting principles-comprehensive. Moderate 20-25

CT1.1 Securities and Exchange Commission. Moderate 30-40

CT1.2 Conceptual framework-general. Simple 20-25

CT1.3 Conceptual framework-general. Simple 25-35

CT1.4 Objective of financial reporting. Moderate 25-35

CT1.5 Qualitative characteristics. Moderate 30-35

CT1.6 Revenue recognition principle. Complex 25-30

CT1.7 Expense recognition principle. Complex 20-25

CT1.8 Expense recognition principle. Moderate 20-25

CT1.9 Expense recognition principle. Moderate 20-30

CT1.10 Qualitative characteristics. Moderate 20-30

CT1.11 Expense recognition principle. Moderate 20-25

CT1.12 Cost Constraint. Moderate 30-35

CT1.13 Rule-making Issues. Complex 20-25

CT1.14 Models for setting GAAP. Simple 15-20

CT1.15 Economic consequences. Moderate 25-35

CT1.16 GAAP and economic consequences. Moderate 25-35

Answers to Questions

1. If a company‘s financial performance is measured accurately, fairly, and on a timely basis, the right

managers and companies can attract investment capital. Unreliable and irrelevant information leads

to poor capital allocation, which adversely affects the efficiency of the securities market.

LO: 1, Bloom: K, Difficulty: Simple, Time: 1-3, AACSB: Communication, AICPA BC: None, AICPA AC: Reporting, AICPA PC: Communication

2. The objective of general purpose financial reporting is to provide financial information about the

reporting entity that is useful to present and potential equity investors, lenders, and other creditors

in making decisions about providing resources to the entity through equity investments and loans or

other forms of credit. Information that is decision-useful to capital providers (investors) may also be

useful to other users of financial reporting who are not investors.

LO: 1, Bloom: K, Difficulty: Simple, Time: 3-5, AACSB: Communication, AICPA BC: None, AICPA AC: Reporting, AICPA PC: Decision Making

3. Investors are interested in financial reporting because it provides information that is useful for

making decisions (referred to as the decision-usefulness approach). When making these

decisions, investors are interested in assessing the company‘s (1) ability to generate net cash

inflows and (2) management‘s ability to protect and enhance the capital providers‘ investments.

Financial reporting should therefore help investors assess the amounts, timing, and uncertainty of

prospective cash inflows from dividends or interest, and the proceeds from the sale, redemption,

or maturity of securities or loans. For investors to make these assessments, the economic

resources of an enterprise, the claims to those resources, and the changes in them must be

understood.

LO: 1, Bloom: K, Difficulty: Simple, Time: 3-5, AACSB: Communication, AICPA BC: None, AICPA AC: Reporting, AICPA PC: Decision Making

4. A common set of financial accounting and reporting standards applied by all businesses and

entities should produce financial statements which are reasonably comparable. Without a common

set of standards, each enterprise could, and would, develop a theory structure and set of

practices, resulting in noncomparability among the financial statements of enterprises

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