CHAPTER 1 Accounting in Action ASSIGNMENT CLASSIFICATION TABLE Learning Objectives Questions Brief Exercises Exercises Problems Set A Problems Set B 1. Identify the use and users of accounting and the objective of financial reporting. 1, 2, 3 1 1, 2, 5 1 1 2. Compare different forms of business organization. 4 2 3, 2 2 3. Explain the building blocks of accounting: ethics and the concepts included in the conceptual framework. 5, 6, 7, 8, 9, 10, 11 3, 4, 5, 6 4, 5, 9, 10 2, 5, 7, 11 2, 5, 7, 11 4. Describe the components of the financial statements and explain the accounting equation. 12, 13, 14. 15, 16 7, 8, 9, 10, 11, 15 6, 7, 13 3, 4, 6, 7, 8, 11 3, 4, 6, 7, 8, 11 5. Analyze the effects of business transactions on the accounting equation. 17, 18 12, 13, 14 5, 8, 9, 10, 11, 12, 13 5, 7, 8, 11 6, 7, 8, 9, 10, 11 6. Prepare financial statements. 19, 20 14, 15, 16 17, 18 9, 14, 15, 16, 17 6, 7, 8, 9, 10, 11 2, 5, 7, 11