CHAPTER 1 Introduction to Financial Statements Learning Objectives 1. Identify the forms of business organization and the uses of accounting information. 2. Explain the three principal types of business activity. 3. Describe the four financial statements, and how they are prepared. Accounting Tools for Business Decision Making, 7e Paul Kimmel, Jerry Weygandt, Donald Kieso (Solutions Manual All Chapters, 100% Original Verified, A+ Grade) All Chapters Solutions Manual Supplement files download link at the end of this file. ASSIGNMENT CHARACTERISTICS TABLE Problem Number Description Difficulty Level Time Allotted (min.) 1A Determine forms of business organization. Simple 15–20 2A Identify users and uses of financial statements. Simple 15–20 3A Prepare an income statement, retained earnings statement, and balance sheet; discuss results. Medium 40–50 4A Prepare an Income statement, retained earnings statement, and balance sheet Medium 25–35 5A Determine items included in a statement of cash flows, prepare the statement, and comment. Medium 30–40 6A Comment on proper accounting treatment and prepare a corrected balance sheet. Medium 40–50