Financial Reporting Concepts

CHAPTER 11

Financial Reporting Concepts Learning Objectives Describe the purposes and advantages of maintaining 1.Explain the importance of having a conceptual framework of accounting, and list the key components.

2.Explain the objective of financial reporting, and define the elements of the financial statements.

3.Apply the fundamental and enhancing qualitative characteristics of the conceptual framework to financial reporting situations.

4.Apply the recognition and measurement criteria of the conceptual framework to financial reporting situations.

5.Apply the foundational concepts, assumptions, and constraints of the conceptual framework to financial reporting situations. led Accounting Principles 8th Canadian Edition (Volume 2) Jerry Weygandt, Donald Kieso, Paul Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak (Solutions Manual All Chapters, 100% Original Verified, A+ Grade) (Chapter 11-18) Solutions Manual 11.1 Chapter 11

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Weygandt, Kieso, Kimmel, Trenholm, Warren, Novak Accounting Principles, Eighth Canadian Edition

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 Questions

1. 1 C 6. 3 C 11. 3,4 C 16. 4 AN 21. 3,5 C

2. 2 K 7. 3 K 12. 4 C 17. 4 K 22. 5 C

3. 2 C 8. 3 C 13. 4 K 18. 4 C 23. 5 C

4. 2 K 9. 3 C 14. 4 K 19. 4 AN 24. 5 C

5. 3 K 10. 3 K 15. 4 AN 20. 2,5 C

Brief Exercises

1. 1 AP 5. 4 AP 9. 4 AP 13. 4 AP 17. 5 C

2. 2 AP 6. 4 AP 10. 4 AP 14. 4,5 C

3. 3 AP 7. 4 AP 11. 4 AP 15. 5 C

4. 4 AP 8. 4 AP 12. 4 AP 16. 5 C

Exercises

1. 2 C 4. 4 AP 7. 4 C 10. 4 AP 13. 4,5 C

2. 3 C 5. 4 K 8. 4 AP 11. 1,5 C 14. 4,5 AP

3. 3 AP 6. 4,5 AN 9. 4 AP 12. 2,4,5 AP

Problems

1. 1,2,3,4,5 AP 3. 4 AP 5. 4 AP 7. 4 AP 9. 5 AP

2. 2,3,4 AP 4. 2,4 AP 6. 4 AP 8. 2,3,4,5 AN

Solutions Manual 11.2 Chapter 11

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Weygandt, Kieso, Kimmel, Trenholm, Warren, Novak Accounting Principles, Eighth Canadian Edition

Summary of 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

S Simple M Moderate C Complex

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 Finance Finance Tax Taxation

Solutions Manual 11.3 Chapter 11

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Weygandt, Kieso, Kimmel, Trenholm, Warren, Novak Accounting Principles, Eighth Canadian Edition

ASSIGNMENT CLASSIFICATION TABLE

Learning Objectives

Questions Brief Exercises

Exercises Problems Set A

Problems Set B

• Explain the

importance of having a conceptual framework of accounting, and list the key components.

1 1 9 1 1

• Explain the objective

of financial reporting, and define the elements of the financial statements.

2, 3, 4,

20

2 1, 10 1, 2, 4, 7 1, 2, 4, 7

• Apply the fundamental

and enhancing qualitative characteristics of the conceptual framework to financial reporting situations.

5, 6, 7, 8,

9, 10, 11,

21

3 2, 3, 1, 2, 7 1, 2, 7

• Apply the recognition

and measurement criteria of the conceptual framework to financial reporting situations.

11, 12,

13, 14,

15, 16,

17, 18,

19,

4, 5, 6, 7,

8, 9, 10,

11, 12,

13, 14

4, 5, 6, 7,

8, 9, 10,

11, 13,

14

1, 2, 3, 4,

5, 6, 7, 8

1, 2, 3, 4,

5, 6, 7, 8

• Apply the foundational

concepts, assumptions, and constraints of the conceptual framework to financial reporting situations.

20, 21,

22, 23,

24

14, 15,

16, 17

6, 11, 12,

13, 14

1, 8, 9 1, 8, 9

Solutions Manual 11.4 Chapter 11 .

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