Understanding Financial Accounting 3rd Canadian Edition by Christopher D. Burnley solution manual
CHAPTER 1
OVERVIEW OF CORPORATE FINANCIAL REPORTING
Learning Objectives
Define financial accounting and understand its relationship to economic decision-making.
Identify the main users of financial accounting information and explain how they use this information.
Describe the major forms of business organization and explain the key distinctions between them.
Explain the three categories of business activities and identify examples of transactions related to each category.
Identify and explain the content and reporting objectives of the four basic financial statements and the notes to the financial statements.
Summary of Questions by Learning Objectives and Bloom’s Taxonomy
Item
LO
BT
Item
LO
BT
Item
LO
BT
Item
LO
BT
Item
LO
BT
Discussion Questions
1.
1
K
6.
2
C
11.
5
C
16.
4
C
21.
5
C
2.
3
K
7.
2
C
12.
4
C
17.
4
C
22.
5
C
3.
3
C
8.
2
C
13.
4
C
18.
5
C
23
5
C
4.
3
C
9.
2
C
14.
4
C
19.
5
C
5.
2
C
10.
4
C
15.
4
C
20.
5
C
Application Problems
1.
4
C
4.
5
C
7.
5
AP
10.
5
AP
13.
5
AP
2.
4
C
5.
5
AP
8.
5
AP
11.
5
AP
14.
5
AP
3.
4
AP
6.
5
AP
9.
5
AP
12.
5
AP
15.
5
AP
User Perspective Problems
1.
2
C
2.
2
C
3.
3
C
4.
2
C
5.
2
C
Work in Process
1.
5
C
3.
5
C
5.
5
C
2.
5
C
4.
5
C
6.
5
C
Reading and Interpreting Published Financial Statements
1.
5
AN
3.
5
AN
5.
2,5
C
2.
5
AN
4.
5
AN
6.
5
AN
Cases
1.
2
C
Legend: The following abbreviations will appear throughout the solutions manual file.
LO
Learning objective
BT
Bloom's Taxonomy
K
Knowledge
C
Comprehension
AP
Application
AN
Analysis
S
Synthesis
E
Evaluation
Difficulty:
Level of difficulty
E
Easy
M
Medium
H
Hard
Time:
Estimated time to complete in minutes
AACSB
Association to Advance Collegiate Schools of Business
Communication
Communication
Ethics
Ethics
Analytic
Analytic
Tech.
Technology
Diversity
Diversity
Reflec. Thinking
Reflective Thinking
CPA CM
CPA Canada Competency Map
Ethics
Professional and Ethical Behaviour
PS and DM
Problem-Solving and Decision-Making
Comm.
Communication
Self-Mgt.
Self-Management
Team & Lead
Teamwork and Leadership
Reporting
Financial Reporting
Stat. & Gov.
Strategy and Governance
Mgt. Accounting
Management Accounting
Audit
Audit and Assurance
OVERVIEW OF CORPORATE FINANCIAL REPORTING
Learning Objectives
Define financial accounting and understand its relationship to economic decision-making.
Identify the main users of financial accounting information and explain how they use this information.
Describe the major forms of business organization and explain the key distinctions between them.
Explain the three categories of business activities and identify examples of transactions related to each category.
Identify and explain the content and reporting objectives of the four basic financial statements and the notes to the financial statements.
Summary of Questions by Learning Objectives and Bloom’s Taxonomy
Item
LO
BT
Item
LO
BT
Item
LO
BT
Item
LO
BT
Item
LO
BT
Discussion Questions
1.
1
K
6.
2
C
11.
5
C
16.
4
C
21.
5
C
2.
3
K
7.
2
C
12.
4
C
17.
4
C
22.
5
C
3.
3
C
8.
2
C
13.
4
C
18.
5
C
23
5
C
4.
3
C
9.
2
C
14.
4
C
19.
5
C
5.
2
C
10.
4
C
15.
4
C
20.
5
C
Application Problems
1.
4
C
4.
5
C
7.
5
AP
10.
5
AP
13.
5
AP
2.
4
C
5.
5
AP
8.
5
AP
11.
5
AP
14.
5
AP
3.
4
AP
6.
5
AP
9.
5
AP
12.
5
AP
15.
5
AP
User Perspective Problems
1.
2
C
2.
2
C
3.
3
C
4.
2
C
5.
2
C
Work in Process
1.
5
C
3.
5
C
5.
5
C
2.
5
C
4.
5
C
6.
5
C
Reading and Interpreting Published Financial Statements
1.
5
AN
3.
5
AN
5.
2,5
C
2.
5
AN
4.
5
AN
6.
5
AN
Cases
1.
2
C
Legend: The following abbreviations will appear throughout the solutions manual file.
LO
Learning objective
BT
Bloom's Taxonomy
K
Knowledge
C
Comprehension
AP
Application
AN
Analysis
S
Synthesis
E
Evaluation
Difficulty:
Level of difficulty
E
Easy
M
Medium
H
Hard
Time:
Estimated time to complete in minutes
AACSB
Association to Advance Collegiate Schools of Business
Communication
Communication
Ethics
Ethics
Analytic
Analytic
Tech.
Technology
Diversity
Diversity
Reflec. Thinking
Reflective Thinking
CPA CM
CPA Canada Competency Map
Ethics
Professional and Ethical Behaviour
PS and DM
Problem-Solving and Decision-Making
Comm.
Communication
Self-Mgt.
Self-Management
Team & Lead
Teamwork and Leadership
Reporting
Financial Reporting
Stat. & Gov.
Strategy and Governance
Mgt. Accounting
Management Accounting
Audit
Audit and Assurance