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Financial Management (FIN401)Intermediate accounting

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Sandra Watson
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CHAPTER 2
Conceptual Framework for
Financial Reporting
ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC)
Topics Questions
Brief
Exercises Exercises
Concepts
for Analysis
1. Conceptual framework–
general.
1 1, 2 1, 2
2. Objective of financial
reporting.
2, 7 1, 2 3
3. Qualitative characteristics
of accounting.
3, 4, 5, 6, 8 1, 2, 3, 4, 5 2, 3, 4 4, 9
4. Elements of financial
statements.
9, 10, 11 9, 7 5
5. Basic assumptions. 12, 13, 14, 25 8, 9 6, 7, 9
6. Basic principles:
a. Measurement.
b. Revenue recognition.
c. Expense recognition.
d. Full disclosure.
15, 16, 17, 18
19, 20, 21, 22, 23
24
25, 26, 27
10, 11, 12
10
10, 11, 12
10, 11, 12
6, 7
7
6, 7, 9, 10
6, 7, 8
5
6, 7, 8, 10
10
7. Cost constraint. 28, 29 3, 7 11

ASSIGNMENT CLASSIFICATION TABLE (BY LEARNING OBJECTIVE)
Learning Objectives Questions Brief
Exercises
Exercises
Concepts for
Analysis
1. Describe the usefulness of a
conceptual framework.
1 1, 2 CA2-1
CA2-2
2. Understand the objective of
financial reporting.
2, 7 1, 2 CA2-3
3. Identify the qualitative
characteristics of accounting
information.
3, 4, 5, 6, 8 1, 2, 3, 4, 5 2, 3, 4 CA2-4, CA2-9
4. Define the basic elements of
financial statements.
9, 10, 11 6, 7 5
5. Describe the basic assumptions of
accounting.
12, 13, 14,
25
8, 9 6, 7
6. Explain the application of the basic
principles of accounting.
15, 16, 17,
18, 19, 20,
21, 22, 23,
24, 25, 26,
27
10, 11, 12 6, 7, 8,
9, 10
CA2-5, CA2-6,
CA2-7, CA2-8,
CA2-10,
CA2-11
7. Describe the impact that the cost
constraint has on reporting
accounting information.
28, 29 3, 7 CA2-11

ASSIGNMENT CHARACTERISTICS TABLE
Item Description
Level of
Difficulty
Time
(minutes)
E2-1 Usefulness, objective of financial reporting. Simple 15–20
E2-2 Usefulness, objective of financial reporting, qualitative
characteristics.
Simple 15–20
E2-3 Qualitative characteristics. Moderate 20–30
E2-4 Qualitative characteristics. Simple 15–20
E2-5 Elements of financial statements. Simple 15–20
E2-6 Assumptions, principles, and constraint. Simple 15–20
E2-7 Assumptions, principles, and constraint. Moderate 20–25
E2-8 Full disclosure principle. Complex 20–25
E2-9 Accounting principles and assumptions–comprehensive. Moderate 20–25
E2-10 Accounting principles–comprehensive. Moderate 20–25
CA2-1 Conceptual framework–general. Simple 20–25
CA2-2 Conceptual framework–general. Simple 25–35
CA2-3 Objective of financial reporting. Moderate 25–35
CA2-4 Qualitative characteristics. Moderate 30–35
CA2-5 Revenue recognition principle. Complex 25–30
CA2-6 Expense recognition principle. Complex 20–25
CA2-7 Expense recognition principle. Moderate 20–25
CA2-8 Expense recognition principle. Moderate 20–30
CA2-9 Qualitative characteristics. Moderate 20–30
CA2-10 Expense recognition principle. Moderate 20–25
CA2-11 Cost Constraint. Moderate 30–35

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Financial Management (FIN401)Intermediate accounting

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