Weygandt, Kieso, Kimmel, Trenholm, Warren, Novak Accounting Principles, Ninth Canadian Edition
CHAPTER 1 f
Accounting in Action f f
Learning Objectives
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1. Identify the use and users of accounting and the objective of
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financial reporting.
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2. Compare the different forms of business organization.
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3. Explain the building blocks of accounting: ethics and the
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concepts included in the conceptual framework.
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4. Describe the components of the financial statements and
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explain the accounting equation.
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5. Analyze the effects of business transactions on the
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accounting equation.
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6. Prepare financial statements.
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Solutions Manual 1.1 Chapter 1
© 2022 John Wiley & Sons Canada, Ltd. Unauthorized copying, distribution, or transmission of this page is prohibited.
, Weygandt, Kieso, Kimmel, Trenholm, Warren, Novak Accounting Principles, Ninth Canadian Edition
Summary of Questions by Learning Objectives and Bloom‘s Taxonomy
f f f f f f f f
Item LO BT Item LO BT Item LO BT
f f Item LO f BT Item LO BT f
Questions
1. 1 C 5. 3 C 9. 3 C 13. 4 K 17. 5 C
2. 1 C 6. 3 K 10.
f 3 C f f 14. 4 K
f 18. 5 AP
f
3. 1 C 7. 3 K 11.
f 3 C f f 15. 4 C
f 19. 6 K f
4. 2 K 8. 3 C 12. 4 K 16. 4 K 20. 6 C
Brief Exercises f
1. 1 K 5. 3 C 9. 4 AP 13. 5 AP 17. 6 AP
2. 2 C 6. 3f C 10. 4 A f f 14. 4,5 A 18.
f 6 AP
f
3. 3 AN 7. 4f C 11. 4 P f 15. 4,6 P
4. 3 C 8. 4 AP 12. 5 K f 16. 6 A
f
AP P
AP
Exercises
1. 1 C 5. 1,3,5 K 9. 3,5,6 C 13. 4,5 AP 17. 6 AP
2. 1 C
f 6. 4 AP f 10. 5 C f 14. 6 A
f
3. 2 C
f 7. 4 AP f 11. 5 C f 15. 6 P
4. 3 C 8. 5 C 12. 4,5 AP 16. 6 A
f
P
AP
Problems
1. 1 S 4. 4 AP 7. 3,4,5,6 AP 10. 6 AN
2. 2,3 AP
f f 5. 3,5 C 8. 4,5,6 AP 11. 3,4,5,6 AP f f
3. 4 AP 6. 4,6 AP 9. 6 AP
Solutions Manual 1.2 Chapter 1
© 2022 John Wiley & Sons Canada, Ltd. Unauthorized copying, distribution, or transmission of this page is prohibited.
,Weygandt, Kieso, Kimmel, Trenholm, Warren, Novak Accounting Principles, Ninth Canadian Edition
Legend: The following abbreviations will appear throughout the
f f f f f f f
solutions manual file.
f f f
LO Learning objective f
Bloom's
BT Taxonomy
K Knowledge
C Comprehension
AP Application
AN Analysis
S Synthesis
E Evaluation
Difficulty: Level of difficulty f f
S Simple
M Moderate
C Complex
Time: Estimated time to complete in minutes f f f f f
AACSB Association to Advance Collegiate Schools of Business f f f f f f
Communication
f Communication
Ethics Ethics
Analytic Analytic
Tech. Technology
Diversity Diversity
Reflec. Thinking Reflective Thinking
f f
CPA CM f CPA Canada Competency Map
f f f
Ethics Professional and Ethical Behaviour f f f
PS and DM
f Problem-Solving and Decision-Making
f f f
Comm. Communication
Self-Mgt. Self-Management
Team & Lead Teamwork and Leadership
f f f f
Reporting Financial Reporting f
Stat. & Gov. f Strategy and Governance
f f f
Mgt. Accounting
f Management Accounting f
Audit Audit and Assurance f f
Finance Finance
Tax Taxation
Solutions Manual 1.3 Chapter 1
© 2022 John Wiley & Sons Canada, Ltd. Unauthorized copying, distribution, or transmission of this page is prohibited.
, Weygandt, Kieso, Kimmel, Trenholm, Warren, Novak Accounting Principles, Ninth Canadian Edition
ASSIGNMENTCLASSIFICATION TABLE f f
Brief Problems Problems
Learning Objectives f Questions Exercises Exercises Set A f Set B f
1. Identify the use and
f f f f 1, 2, 3
f f 1 1, 2, 5
f f 1 1
users of accounting
f f f
and the objective of
f f f f
financial reporting.
f f
2. Compare the different
f f f 4 2 3, 2 2
forms of business
f f f
organization.
f
3. Explain the building
f f f 5, 6, 7, 8,
f f f 3, 4, 5, 6
f f f 3, 4, 5, 9,
f f f 2, 5, 7,
f f 2, 5, 7, 11
f f f
blocks of accounting:
f f f 9, 10, 11
f f 10 11
ethics and the
f f f
concepts included in
f f f
the conceptual
f f
framework.
4. Describe the
f f 12, 13, 14.
f f 7, 8, 9,
f f 6, 7, 13
f f 3, 4, 6, 7,
f f f 3, 4, 6, 7,
f f f
components of the
f f f 15, 16 f 10, 11, 15
f f 8, 11
f 8, 11
f
financial statements
f f
and explain the
f f f
accounting equation.
f f
5. Analyze the effects of
f f f f 17, 18 f 12, 13, 14
f f 5, 8, 9,
f f 5, 7, 8,
f f 6, 7, 8, 9,
f f f
business transactions
f f 10, 11, f 11 10, 11 f
on the accounting
f f f 12, 13 f
equation.
f
6. Prepare financial
f f 19, 20 f 14, 15, 16
f f 9, 14, 15,
f f 6, 7, 8, 9,
f f f 2, 5, 7, 11
f f f
statements.
f 17, 18 f 16, 17 f 10, 11 f
Solutions Manual 1.4 Chapter 1
© 2022 John Wiley & Sons Canada, Ltd. Unauthorized copying, distribution, or transmission of this page is prohibited.
