CHAPTER 1 Accounting in Action ASSIGNMENT CLASSIFICATION TABLE Learning Objectives Questions Brief Exercises Do It! Exercises A Problems B Problems 1. Explain what accounting is. 1, 2, 5 1 1 2. Identify the users and uses of accounting. 3, 4 1 2 3. Understand why ethics is a fundamental business concept. 2 3 4. Explain accounting standards and the measurement principles. 6 2 4 5. Explain the monetary unit assumption and the economic entity assumption. 7, 8, 9, 10 2 4 6. State the accounting equation, and define its components. 11, 12, 13, 14, 22 1, 2, 3, 4, 5, 8, 9 3 5 1A, 2A, 4A 1B, 2B, 4B 7. Analyze the effects of business transactions on the accounting equation. 15, 16, 18 6, 7 4 6, 7, 8 1A, 2A, 4A, 5A 1B, 2B, 4B, 5B 8. Understand the five financial statements and how they are prepared. 17, 19, 20, 21 10, 11 5 8, 9, 10, 11, 12, 13, 14, 15, 16, 17 2A, 3A, 4A, 5A 2B, 3B, 4B, 5B