Four accounting majors, Maria Acosta, Kenzo Nakao, Helen Martin, and Anthony Mandella, recently graduated from Central University and began professional accounting careers. Acosta entered public accounting, Nakao became a management accountant, Martin joined a governmental agency, and Mandella (who had completed a graduate program) became an accounting faculty member.

Assume that each of the four graduates was successful in his or her chosen career. Identify the types of accounting activities in which each of these graduates might find themselves specializing several years after graduation.

Locate the Home Depot, Inc., 2009 financial statements in Appendix A of this text. Briefly peruse the financial statements and answer the following questions:

a.       Name the titles of each of Home Depot’s financial statements that provide specific informa- tion about economic resources, claims to resources, and changes in resources and claims.

b.       Name three other sections from Home Depot’s 2009 financial statements that might be useful to a potential investor or creditor.

 

Due to the introductory nature of this chapter and the conceptual nature of its contents, no items labeled Problems are included. In all future chapters, you will find two problem sets, A and B, that generally include computations, are more complex, and generally require more time to complete than the Exercises.