Exam (elaborations)

Solutions Manual Understanding Financial Accounting, 2nd Canadian Edition by Christopher D. Burnley

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ACCT

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ACCT

Solutions, Solutions manual for Understanding Financial Accounting, 2nd Canadian Edition by Christopher D. Burnley. ISBN: 9783, 9781119406945, 1119406943, . Chapters 1 to 12, test bank for Understanding Financial Accounting 2ce burnley.

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Uploaded on January 20, 2024
Number of pages 1175
Written in 2020/2021
Type Exam (elaborations)
Contains Questions & answers

solutions
2nd canadian edition
solutions manual
understanding financial accounting
solutions understanding financial accounting
solution manual understanding financial accounting

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SOLUTIONS MANUAL

Understanding Financial Accounting 2nd Canadian Edition by Christopher Burnley

CHAPTER 1

OVERVIEW OF CORPORATE FINANCIAL REPORTING

Learning Objectives

1. Define financial accounting and understand its relationship to
economic decision-making.
2. Identify the main users of financial accounting information and
explain how they use this information.
3. Describe the major forms of business organization and explain
the key distinctions between them.
4. Explain the three categories of business activities and identify
examples of transactions related to each category.
5. Identify and explain the content and reporting objectives of the
four basic financial statements and the notes to the financial
statements.

, Summary of Questions by Learning Objectives and Bloom’s Taxonomy

Item LO BT Item LO BT Item LO BT Item LO BT Item LO BT
Discussion Questions
1. 1 K 6. 2 C 11. 4 C 16. 4 C 21. 5 C
2. 3 K 7. 2 C 12. 4 C 17. 5 C 22. 5 C
3. 3 C 8. 2 C 13. 4 C 18. 5 C
4. 3 C 9. 4 C 14. 4 C 19. 5 C
5. 2 C 10. 5 C 15. 4 C 20. 5 C
Application Problems
1. 4 C 4. 5 C 7. 5 AP 10. 5 AP 13. 5 AP
2. 4 C 5. 5 AP 8. 5 AP 11. 5 AP 14. 5 AP
3. 4 AP 6. 5 AP 9. 5 AP 12. 5 AP
User Perspective Problems
1. 2 C 2. 2 C 3. 3 C 4. 2 C 5. 2 C
Work in Process
1. 5 C 2. 5 C 3. 5 C 4. 5 C
Reading and Interpreting Published Financial Statements
1. 5 AN 3. 5 AN 5. 2,5 C
2. 5 AN 4. 5 AN 6. 5 AN
Cases
1. 2 C

,Legend: The following abbreviations will appear throughout the solutions
manual file.

LO Learning objective
Bloom's
BT Taxonomy
K Knowledge
C Comprehension
AP Application
AN Analysis
S Synthesis
E Evaluation
Difficulty: Level of difficulty
E Easy
M Medium
H Hard
Time: Estimated time to complete in minutes
AACSB Association to Advance Collegiate Schools of Business
Communication Communication
Ethics Ethics
Analytic Analytic
Tech. Technology
Diversity Diversity
Reflec. Thinking Reflective Thinking
CPA CM CPA Canada Competency Map
Ethics Professional and Ethical Behaviour
PS and DM Problem-Solving and Decision-Making
Comm. Communication
Self-Mgt. Self-Management
Team & Lead Teamwork and Leadership
Reporting Financial Reporting
Stat. & Gov. Strategy and Governance
Mgt. Accounting Management Accounting
Audit Audit and Assurance
Finance Finance
Tax Taxation

, SOLUTIONS TO DISCUSSION QUESTIONS
DQ1-1 Accounting, as an information system, provides economic information to
users to allow them to determine whether the entity is operating effectively
and efficiently. In addition, accounting facilitates the making of important
decisions in the management of the entity, such as whether new assets
should be purchased or leased, or whether equity financing should be used
as opposed to debt financing.
LO 1 BT: K Difficulty: E Time: 5 min. AACSB: None CPA: cpa-t001 CM: Reporting

DQ1-2 The owner’s legal liability is as follows for each form of business:

Proprietorship: The owner (or proprietor) is responsible for the debts of
the business. His or her personal assets are at risk in the event of legal
action.

Partnership: The owners (or partners) are responsible for the debts of the
business. Their personal assets are at risk in event of legal action.

Corporation: The owners (or shareholders) are only responsible for the
debts of the corporation to the extent of their investment in the company’s
shares. Any debts in excess of this amount are not their responsibility.

The taxation of income is as follows for each form of business:

Proprietorship: The income of a proprietorship is taxed in the hands of the
owner (i.e. the proprietor).

Partnership: The income of a partnership is taxed in the hands of the
owners (i.e. the partners).

Corporation: The income of a corporation is taxed separately (i.e. the
corporation files its own tax return). Any income distributed to the
shareholders (i.e. dividends) is then taxed in the hands of the owners (i.e.
the shareholders).

LO 3 BT: K Difficulty: E Time: 15 min. AACSB: None CPA: cpa-t001 CM: Reporting

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