This solutions manual is a teaching supplement of Financial Accounting in an Economic Context, 3rd Edition, by Jamie Pratt. Each text chapter (except Chapter 1) concludes with discussion questions, exercises, problems, and cases. This manual contains complete solutions to the exercises and problems and suggested answers to the cases. It was written to be used by students. That is, the solutions are self-explanatory, and answers to essay-type questions are geared toward a student's level of accounting knowledge. Further, care was taken to provide supporting calculations and/or explanations in those cases where the answer may not be obvious. Because Chapter 1 does not include exercises, problem, or cases, this manual begins with Chapter 2. EXERCISES: The exercises usually illustrate a specific concept in a relatively simple manner. The exercises provide an initial test of a student's understanding of an accounting concept or issue. PROBLEMS: The problems generally are more complex than the exercises. They are designed to introduce some of the complexities accountants face and, in some cases, to integrate several accounting concepts into a single problem. CASES: The cases are designed to provide real life examples of accounting issues, and often require students to exercise judgment in formulating an answer. The cases can be used as the basis for class descussion. OTHER RESOURCES: Suggested answers to the discussion questions are located in the Instructor's Manual to Accompany Financial Accounting. That manual also includes time and difficulty charts for the exercises, problems, and cases. Remember that the time estimates are averages and that on any given problem, a student may take longer than the indicated time because of mechanical error, misinterpretation of the information, or lack of understanding of the topic. A checklist of key figures for the exercises, problems, and cases (when feasible) is also included in the instructor's manual.." (from to the instructor)
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