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Solution Manual for Intermediate Accounting 3rd Edition by Wahlen

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Solution Manual for Intermediate Accounting 3rd Edition by Wahlen ANSWERS TO CASES C1-1 [AICPA Adapted] 1. The term “accounting principles” in the auditor’s report includes not only accounting principles but also concepts, practices, and the methods of applying them. The auditor's report typically refers to “accounting principles” being applied by the firm being audited. The independent auditor's attestation as to the fairness of a company's financial statements relative to U.S. GAAP or IFRS is an essential element for the reliability of financial statements. 2. Generally accepted accounting principles are those principles that have substantial authoritative support. The SEC has deemed the FASB’s Accounting Standards Codification as GAAP for U.S. companies. In addition, the SEC has deemed IFRS as generally accepted accounting principles for non-U.S. companies that are listed in the United States. The FASB and the IASB follow extensive, due processes to deliberate and develop new accounting standards that, if adopted, become “generally accepted.” C1-2 [CMA Adapted] Financial accounting standards inspire or encourage political action and social involvement during the standard-setting process because the effects and economic consequences of accounting standards are wide-ranging and impact many varying groups. The setting of accounting standards is a social decision and the user groups play a significant role and have considerable influence. The economic consequences of financial accounting standards inspire companies, stakeholders, and special interest groups to become vocal and critical when standards are being formulated. The reporting of financial information impacts companies’ financial statements and the wealth and decision-making of stakeholders in differing ways. Companies and stakeholders may want particular economic events accounted for in particular ways and are willing to fight for what they want. The formulation of accounting standards has political roots in the Securities and Exchange Acts of 1933 and 1934. Although the SEC was vested with complete authority to define and formulate accounting standards, it has, for the most part, delegated this authority to the private sector. The SEC supports the FASB in this endeavor and encourages its “due process” system of standard setting. Financial accounting standards issued are considered to be “generally accepted accounting principles” and, as such, they must be followed in the preparation of financial statements. Therefore, the formulation of standards is of vital interest to companies responsible for preparing the financial statements, stakeholders that use the statements, and auditors.

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CHAPTER 1

The Demand for and Supply of Financial Accounting Information

CONTENT ANALYSIS OF END-OF-CHAPTER ASSIGNMENTS

TIME
NUMBER TOPIC CONTENT LO ADAPTED DIFFICULTY EST. AACSB AICPA BLOOM’S

1-1 Role of Financial Financial accounting; 1 Easy 5 Analytic Measurement Comprehension
Reporting financial reporting
1-2 Financial Reporting Major categories of financial 1 Easy 5 Analytic Measurement Comprehension
Stakeholders reporting stakeholders
1-3 Financial Reporting Different information needs 1 Easy 5 Analytic Measurement Application
Stakeholders of investors and creditors
1-4 Information Information asymmetry 1 Easy 5 Analytic Measurement Comprehension
Asymmetry between financial reporting
preparers and users

1-1
1-5 Financial Reporting Demand for financial 1 Easy 5 Analytic Measurement Application
Information reporting information
1-6 Accounting Demand for accounting 1 Easy 5 Analytic Measurement Comprehension
Standards and standards and audit
Audits verification
1-7 Generally Accepted Definition of U.S. GAAP 1 Easy 5 Analytic Measurement Comprehension
Accounting
Principles
1-8 Standard Setting Supply of accounting 2 Easy 5 Analytic Measurement Comprehension
information
1-9 Standard Setting Role of SEC 2 Easy 5 Analytic Measurement Comprehension
1-10 Standard Setting Role of FASB 3 Easy 5 Analytic Measurement Comprehension
1-11 Standard Setting Role of EITF 3 Easy 5 Analytic Measurement Comprehension
1-12 Standard Setting FASB Accounting Standards 4 Easy 5 Analytic Measurement Application
Codification

© 2020 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

, TIME
NUMBER TOPIC CONTENT LO ADAPTED DIFFICULTY EST. AACSB AICPA BLOOM’S

1-13 Standard Setting Process for issuing 4 Easy 5 Analytic Measurement Comprehension
accounting standard
update
1-14 Standard Setting FASB; IASB 5 Easy 5 Analytic Measurement Analysis
1-15 Standard Setting Definition of IFRS 5 Easy 5 Analytic Measurement Application
1-16 Standard Setting Changing standards over 5 Easy 5 Analytic Measurement Comprehension
time; U.S. GAAP; IFRS
1-17 Standard Setting The impact of pure theory vs. 5 Easy 5 Analytic Measurement Analysis
politics in standard setting
1-18 Financial Statements Balance sheet; financial 6 Easy 5 Analytic Reporting Application
reporting stakeholders
1-19 Financial Statements Income statement; financial 6 Easy 5 Analytic Reporting Application
reporting stakeholders
1-20 Financial Statements Statement of cash flows; 6 Easy 5 Analytic Reporting Application

1-2
financial reporting
stakeholders
1-21 Financial Statements Statement of shareholders' 6 Easy 5 Analytic Reporting Application
equity; financial reporting
stakeholders
1-22 Financial Statements Purpose of footnotes; 6 Easy 5 Analytic Reporting Application
disclosure of financial
information
1-23 Earnings and the Economic consequences of 7 Easy 5 Analytic Measurement Analysis
Stock Market earnings information
1-24 Ethics Ethics 7 Easy 5 Analytic Measurement Application
1-25 Ethics Ethics; code of professional 7 Easy 5 Analytic Measurement Comprehension
conduct

© 2020 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

,
TIME
NUMBER TOPIC CONTENT LO ADAPTED DIFFICULTY EST. AACSB AICPA BLOOM’S

E1-1 Pronouncements FASB Accounting Standards 4 Easy 15 Analytic Measurement Comprehension
Codification; different
sources of GAAP
C1-1 Accounting Principles Describe the meaning of the 3 AICPA Easy 10 Analytic Measurement Application
terms “accounting
principles” and “generally
accepted”
C1-2 Standard Setting Describe why there is 3 CMA Easy 10 Analytic Measurement Application
political action and social
involvement in the standard-
setting process
C1-3 Organization of the Summarize the structure of 3 Easy 15 Analytic Measurement Application
FASB the FASB and its operating
procedures
C1-4 Code of Professional Identify, briefly discuss, and 7 Easy 10 Analytic Measurement Application

1-3
Conduct provide examples to illustrate
the first five principles of CPC
C1-5 Lobbying the FASB Discuss pros and cons of 3 Easy 5 Analytic Measurement Application
lobbying the FASB by
interested parties
C1-6 International Discuss convergence of U.S. 5 Moderate 10 Analytic Measurement Application
Convergence GAAP and international
accounting standards;
include discussion of SEC
and its role in this
convergence; includes IFRS
C1-7 Starbucks’s Financial Identify two important pieces 6 Moderate 20 Analytic Reporting Application
Statements of information from each of
the four primary financial
statements and
management discussion and
analysis

© 2020 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

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Instelling: Havard School
Vak: Accounting

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Geschreven in: 2021/2022
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