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THE PURPOSE AND USE OF FINANCIAL STATEMENTS
LEARNING OBJECTIVES
1. Identify the uses and users of accounting information.
2. Describe the primary forms of business organization.
3. Explain the three main types of business activity.
4. Describe the purpose and content of each of 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
Questions
1. 1 K 7. 2 C 13. 3 C 19. 4 K 25. 4 C
2. 1 C 8. 2 C 14. 3 C 20. 4 K 26. 4 C
3. 1 K 9. 2 C 15. 3 C 21. 4 AP 27. 4 K
4. 1 C 10. 2 C 16. 3 C 22. 4 C 28. 4 C
5. 1 C 11. 2 C 17. 3 C 23. 4 K 29. 4 C
6. 1 C 12. 2 K 18. 3 C 24. 4 C 30. 4 C
Brief Exercises
1. 1 C 4. 3 C 7. 4 AP 10. 4 C
2. 1 C 5. 3 C 8. 4 K 11. 4 AN
3. 2 K 6. 4 AP 9. 4 K
Exercises
1. 1 C 4. 3 C 7. 4 AN 10. 4 AP 13. 4 AP
2. 2 C 5. 4 K 8. 4 AN 11. 4 AP 14. 4 AN
3. 3 K 6. 4 AP 9. 4 AP 12. 4 AP
Problems: Set A and B
1. 1 C 3. 3 C 5. 4 AP 7. 4 AP 9. 4 AN
2. 2 C 4. 4 K 6. 4 AN 8. 4 AN 10. 4 AN
Cases
1. 3,4 C 3. 3,4 AN 5. 3,4 AN 7. 4 AN 9 1,3 C
2. 1 C 4. 3,4 AN 6. 1 C 8. 1 E
For Financial Accounting Tools for Business Decision Making, 9th Canadian Edition Paul D. Kimmel, Jerry J. Weygandt, Jill E. Mitchell, Barbara Trenholm, Wayne Irvine, Christopher D. Burnley Complete And Study material 1679pages
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