A Window on an Entity Introduction Key points from this section include: Chapter 1 introduced the existence of many different stakeholders with different information requirements and decisions to make. In this section the fact that entities provide a single set of general purpose financial statements for use by many stakeholders is explained.
Students should recognize that there is a contradiction. There is one set of general purpose financial statements but many users with different information requirements and decisions. Thus the general purpose statements cannot satisfy the needs of all stakeholders.
From this students should recognize that they have to assess the usefulness of the accounting information they receive and not just assume that it is useful. As result it is possible to better tailor information to the circumstances of particular stakeholders.
This means that an entity may have its general purpose statements and additional reports designed for specific purposes. Some care is required here. The question there is, is it inappropriate to prepare different resumes for different prospective employers, each one tailored to the specific job being applied for?
Students will generally agree there is no problem with multiple resumes. The connection can then be made with different accounting reports for different stakeholders. One is not better or more correct; different reports are simply tailored for different purposes.
This situation depends on the power of that stakeholder a significant lender or a major shareholder. Highlight the contradictions described above.
This type of discussion is valuable for developing the need for careful evaluation of the information before using it for a decision.
LO 1 Understand the objectives of general purpose financial reporting and the qualitative characteristics of useful financial information as described in the IFRS conceptual framework LO 2 Recognize the basic accounting assumptions that are fundamental to contemporary accounting LO 3 Identify components that make up a set of general purpose financial statements, understand the information each statement provides, and prepare simple examples of them.
LO 6 Differentiate between accrual-basis and cash-basis accounting, and prepare simple income statements using each method.
LO 7 Use financial statement information to assess the liquidity, risk and profitability of an entity. Chapter Overview The mainn purposes of Chapter 2 are to: It is easy to blow through a 2 hour lecture and not even remember to do the simple things like smile.
Write down some other non-lecture things that you may want to refer to during the lecture. This kind of reminder gave me confidence to get through my first year.
The 5 minutes before and after class are crucial for student contact. However, for optimal student engagement in the course instructors should attempt to make an effort to form some personal connection. Do you remember your most influential instructors?
These could have been school teachers, coaches and even members of your family. Take a minute and write down why they were so influential to you.
Try and use those values in your course. I try to inspire my students.CHAPTER 3 The Accounting Cycle QUESTIONS Q Much more judgement is required for accrual accounting than for cash accounting because there is greater uncertainty at the time events are recorded in the accounting system.
Solution Manual for Financial Accounting A Critical Approach CANADIAN Canadian 4th Edition John Friedlan Friedlan Financial Accounting offers a user-oriented, critical approach to introductory financial accounting.
Solutions Manual for Financial Accounting A Critical Approach CANADIAN 4th Edition by John Friedlan. Download FREE Sample Here for Solutions Manual for Financial Accounting A Critical Approach CANADIAN 4th Edition by John Friedlan.
Note: this is not a text book. CHAPTER 3 The Accounting Cycle QUESTIONS Q Much more judgement is required for accrual accounting than for cash accounting because there is greater uncertainty at the time events are recorded in the accounting system.
Chapter Overview The mainn purposes of Chapter 2 are to: Familiarize readers with the standard financial statements and their components Introduce the accounting equation, transactional analysis. Friedlan 4e SM Ch06 - Solution manual Financial Accounting Summary Financial Ratios and Trend Analysis, Chapter 3,5,, Samenvatting Financial Accounting: hoofdstuk 3, en