The number following the P or E is the number of the problem or exercise to be completed. Homework problems are assigned to help students learn and experience the principles covered in the course. Accounting is something that usually has to be experienced to gain the most from it, although some memorization is essential, too. One cannot learn to play the piano by merely reading and memorizing from a book. Accounting works the same way.
Exercises are generally easier than the problems.
A variety of each is usually given for each chapter. All homework will be averaged together in calculating a semester homework score. Four exams are given in the form of multiple choice questions and work problems. The questions are both subjective and objective in nature. The exams test student memory, understanding, and ability to analyze and apply concepts covered in the course.