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Category: Business and Industry
Date Submitted: 03/03/2014 01:24 PM
CHAPTER 2
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Financial Statements and the Annual Report
OVERVIEW OF EXERCISES, PROBLEMS, AND CASES
Estimated
Time in
Learning Objective Exercises Minutes Level
1. Describe the objectives of financial reporting.
2. Describe the qualitative characteristics of accounting information. 1 10 Easy
3. Explain the concept and purpose of a classified balance sheet 2 10 Easy
and prepare the statement. 9* 10 Mod
4. Use a classified balance sheet to analyze a company's
financial position.
5. Explain the difference between a single-step and a multiple-step 3 10 Easy
income statement and prepare each type of income statement. 4 10 Mod
9* 10 Mod
10* 5 Easy
11* 15 Mod
6. Use a multiple-step income statement to analyze a 5 10 Easy
company’s operations. 10* 5 Easy
11* 15 Mod
7. Identify the components of the statement of retained earnings
and prepare the statement. 6 10 Mod
9* 10 Mod
8. Identify the components of the statement of cash flows and 7 10 Easy
prepare the statement.
9. Read and use the financial statements and other elements in the 8 20 Diff
annual report of a publicly held company.
*Exercise, problem, or case covers two or more learning objectives
Level = Difficulty levels: Easy; Moderate (Mod); Difficult (Diff)
Problems Estimated
and Time in
Learning Objective Alternates Minutes Level
1. Describe the objectives of financial reporting. 15* 45 Diff
2. Describe the qualitative characteristics of accounting information. 1 15 Diff 2 15 Mod 11* 35 Mod 12* 20 Mod
3. Explain the concept and purpose of a classified balance sheet 3 50 Mod
and prepare the statement. 13* 60 Mod
4. Use a classified balance sheet to analyze a company's 4 20 Easy
financial position. 5 15 Mod 11* 35 Mod 14* 35 Mod 15* 45 Diff
5. Explain the difference between a single-step and a multiple-step 6 30 Mod
income statement and prepare...