ACCOUNTING WHAT THE NUMBERS MEAN, 11E DAVID H. MARSHALL, WAYNE W. MCMANUS, DANIEL F. VIELE, SOLUTION MANUAL
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SOLUTIONS:
E1.3. This exercise provides an opportunity to gauge where the students are in terms of their prior background in accounting, be it practical or educational, and to clear up some of the common misconceptions (i.e., to explain that accounting goes beyond the “how to” aspects of bookkeeping and involves the use of judgment).
E1.4. This exercise provides an opportunity to align student and instructor expectations. For first-time instructors in this course, or for those having a diverse student group, you will get a glimpse at the common perceptions students have concerning the course content, level of difficulty, and methods of presentation, testing/evaluation, and grading.
E1.5. The principal factors Jim Hurley must consider are his competence and independence. Is he competent to prepare financial statements for a company that operates in a different industry than the one in which he works? Accepting a contingent fee arrangement would normally cause an impairment of his independence because he would directly benefit if the loan were to be approved.
E1.6. Suggested discussion strategy:
Q: Why does a business have value?
A: It provides the owners an opportunity to earn a profit, an opportunity for personal fulfillment from being in charge, and an opportunity to provide a product or service that is useful to others.
Q: How can this value be measured?
A: Financial information will have the most to do with evaluating the firm’s profitability, and the financial statements include this information.
Q: How is an asking price for the sale of a business established?
A: The asking price should be a function of the profit, resources, and obligations related to the business as shown in the financial statements.
Note: This exercise also provides an opportunity to point out some of the basic limitations of the data provided by the accounting process (e.g., historical cost information — how useful are past earnings results in predicting future earnings and cash flows?). Be careful not to get too carried away with details. Let the students lead this discussion.
E1.7. Answers will vary depending on the search engines used by students to locate the requested information.
E1.8. Answers will vary depending on the company selected. Note that requirement d provides an opportunity to discuss some of the financial statement terms that are introduced in Chapter 2, for those instructors wishing to get a head start.
