Test Bank For Solutions Manual For Financial Accounting: Recording, Analysis and Decision Making Fifth Edition (Australia) Prepared by Shirley Carlon (Complete And Verified Study material) (1164pages) LEARNEXAMS

CHAPTER 1 – AN INTRODUCTION TO ACCOUNTING ASSIGNMENT CLASSIFICATION TABLE Learning Objectives Brief Exercises Exercises Problems 1. Explain the business context and the need for decision making. 1 2. Define accounting, describe the accounting process and define the diverse roles of accountants. 1 3. Explain the characteristics of the main forms of business organisation. 1 1A,1B 4. Understand the Conceptual Framework and the purpose of financial reporting. 5. Identify the users of financial reports and describe users’ information needs. 3 1 2A; 2B 6. Identify the elements of each of the four main financial statements. 4,5,6 1,2,3,4,5, 7, 8,9,10 3A,4A,5A,6A 7A,8A,3B,4B 5B,6B,7B,8B 7. Describe the financial reporting environment. 2 8. Explain the accounting concepts, principles, qualitative characteristics and constraints underlying financial statements 6 3A, 3B 9. Calculate and interpret ratios for analysing an entity’s profitability, liquidity and solvency. 7 11,12,13 9A,10A 9B,10B