西方财务会计课后答案(第七章)

CHAPTER7AccountingPrinciplesASSIGNMENTCLASSIFICATIONTABLEBriefABStudyObjectives1.ExplainthemeaningofQuestions1,2Exercises1,2ExercisesProblemsProblemsgenerallyacceptedaccountingprinciplesandidentifythekeyitemsoftheconceptualframework.2.Describethebasic33objectivesoffinancialreporting.3.Discussthequalitative3,4,54,5,6characteristicsofaccountinginformationandelementsoffinancialstatements.4.Identifythebasic671,2,31A,2A,3A1B,2B,3Bassumptionsusedbyaccountants.5.Identifythebasicprinci-7,8,9,10,71,2,3,41A,2A,3A1B,2B,3Bplesofaccounting.126.Identifythetwocon-117,81,2,33A3Bstraintsinaccounting.7.Understandandanalyze13,14,15,9,10,115,6,7,8,4A,5A4B,5Bclassifiedfinancialstatements.1698.Explaintheaccounting17,1810principlesusedininter-nationaloperations.7-1ASSIGNMENTCHARACTERISTICSTABLEProblemDifficultyTimeNumber1ADescriptionAnalyzetransactionstoidentifyaccountingprincipleorLevelModerateAllotted(min.)2030assumptionviolated,andpreparecorrectentries.2ADeterminetheappropriatenessofjournalentriesinModerate2030termsofgenerallyacceptedaccountingprinciplesorassumptions.3AIdentifyaccountingassumptions,principles,andModerate2030constraints.4APrepareaclassifiedbalancesheetandanalyzefinancialModerate3545position.5APrepareamultiple-stepincomestatementandanalyzeModerate3545profitability.1BAnalyzetransactionstoidentifyaccountingprincipleorModerate2030assumptionviolated,andpreparecorrectentries.2BDeterminetheappropriatenessofjournalentriesinModerate2030termsofgenerallyacceptedaccountingprinciplesorassumptions.3BIdentifyaccountingassumptions,principles,andModerate2030constraints.4BPrepareaclassifiedbalancesheetandanalyzeModerate3545financialposition.5BPrepareamultiple-stepincomestatementandanalyzeModerate3545profitability.7-2CorrelationChartbetweenBloom’sTaxonomy,StudyObjectivesandEnd-of-ChapterExercisesandProblemsKnowledgeQ7-1Q7-2BE7-2BE7-1ComprehensionApplicationAnalysisSynthesisEvaluationStudyObjective1.Explainthemeaningofgener-allyacceptedaccountingprinciplesandidentifythekeyitemsoftheconceptualframework.Q7-3BE7-3BE7-4BE7-5BE7-6BE7-7Q7-6E7-1E7-3Q7-7Q7-8Q7-9Q7-10Q7-12E7-1E7-3Q7-14Q7-15P7-3AP7-3BBE7-8Q7-16BE7-9BE7-10BE7-11E7-5E7-10E7-6E7-7E7-8E7-9E7-1E7-3P7-3AP7-3BQ7-8E7-4E7-2P7-1AP7-2AP7-1BE7-2Q7-13E7-8P7-4AP7-5AP7-4BP7-5BQ7-13P7-4AP7-5AP7-4BP7-3AP7-3BE7-2P7-1AP7-2AP7-1BP7-2BP7-2BQ7-3Q7-4Q7-52.Describethebasicobjectivesoffinancialreporting.3.Discussthequalitativecharacteristicsofaccountinginformationandelementsoffinancialstatements.4.Identifythebasicassumptionsusedbyaccountants.BE7-75.Identifythebasicprinciplesofaccounting.Q7-11BE7-7Q7-18Q7-176.Identifythetwoconstraintsinaccounting.7.Understandandanalyzeclassifiedfinancialstatements.P7-5B8.Explaintheaccountingprinciplesusedininternationaloperations.BroadeningYourPerspectiveCommunicationGroupDecisionInterpretingFinancialReportingFinancialCaseCommunicationStatementsComp.AnalysisResearchCaseAGlobalFocusGroupDecisionInterpretingFinancialCaseStatementsCookieChronicleExploringtheWebEthicsCaseGroupDecisionCaseComp.AnalysisResearchCaseAGlobalFocusCookieChronicleBLOOM'STAXONOMYTABLE7-3ANSWERSTOQUESTIONS1.(a)(b)Generallyacceptedaccountingprinciples(GAAP)areasetofstandardsandrules,havingsubstantialauthoritativesupport,thatarerecognizedasageneralguideforfinancialreporting.ThebodiesthatprovideauthoritativesupportforGAAParetheFinancialAccountingStan-dardsBoard(FASB)andtheSecuritiesandExchangeCommission(SEC).2.3.4.5.6.7.8.9.TheFASB’sconceptualframeworkconsistsofthefollowing:(1)ObjectivesofFinancialReporting.(2)QualitativeCharacteristicsofAccountingInformation.(3)ElementsofFinancialStatements.(4)OperatingGuidelines(Assumptions,Principles,andConstraints).(a)AccordingtotheFASBinitsdevelopmentoftheconceptualframework,theobjectivesoffinancialreportingaretoprovideinformationthat:(1)isusefultothosemakinginvestmentandcreditdecisions,(2)ishelpfulinassessingfuturecashflows,and(3)identifiestheeco-nomicresources(assets),theclaimstothoseresources(liabilities),andthechangesinthoseresourcesandclaims.(b)Thequalitativecharacteristicsare:(1)relevance,(2)reliability,(3)comparability,and(4)consistency.Curtisiscorrect.Consistencymeansusingthesameaccountingprinciplesandaccountingmeth-odsfromperiodtoperiodwithinacompany.Withoutconsistencyintheapplicationofaccountingprinciples,itisdifficulttodeterminewhetheracompanyisbetteroff,worseoff,orthesamefromperiodtoperiod.Comparabilityresultswhendifferentcompaniesusethesameaccountingprinciples.Consistencymeansusingthesameaccountingprinciplesandmethodsfromyeartoyearwithinthesamecompany.Thegoingconcernassumptionisnecessarybecauseotherwisedepreciationandamortizationpolicieswouldnotbejustifiableandappropriate.Also,thecurrent-noncurrentclassificationofassetsandliabilitieswouldlosemuchofitssignificance.Labelinganythingasfixedorlong-termwouldbedifficulttojustify.Inaddition,thegoingconcernassumptionlendscredibilitytothecostprinciple.Revenueshouldberecognizedintheaccountingperiodinwhichitisearned.Thesalesbasisinvolvesanexchangetransactionbetweenthesellerandbuyerandthesalespricepro