Business Studies Essay

7884 Words 32 Pages
CHAPTER 1
Accounting in Action
ASSIGNMENT CLASSIFICATION TABLE
Brief Exercises A Problems B Problems

Study Objectives 1. Explain what accounting is. Identify the users and uses of accounting. Understand why ethics is a fundamental business concept. Explain generally accepted accounting principles and the cost principle. Explain the monetary unit assumption and the economic entity assumption. State the accounting equation, and define assets, liabilities, and owner’s equity. Analyze the effects of business transactions on the accounting equation. Understand the four financial statements and how they are prepared.

Questions 1, 2, 5

Exercises 1

2.

3, 4

2

3.

3

4.

6

4

5.

7, 8, 9, 10

4

6.

11, 12,
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Explain what accounting is.

2.

Identify the users and uses of accounting.

3.

Understand why ethics is a fundamental business concept.

4.

Explain generally accepted accounting principles and the cost principle.

BLOOM’S TAXONOMY TABLE

5.

Explain the monetary unit assumption and the economic entity assumption.

6.

State the accounting equation, and define assets, liabilities, and owner’s equity.

1-3
Q1-14 Q1-15 Q1-16 Q1-18 BE1-5 BE1-6 BE1-7 BE1-8 E1-6 E1-7

7.

Analyze the effects of business transactions on the accounting equation.

8.

Understand the four financial statements and how they are prepared.

Broadening Your Perspective

ANSWERS TO QUESTIONS
1. Yes, this

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