Exam (elaborations)

Solution Manual For Financial And Managerial Accounting 4th Edition by Jerry J Weygandt

0 purchase

Course
Solution Manual For Financial And Managerial Accou

Institution
Solution Manual For Financial And Managerial Accou

Book
Survey of Accounting

Solutions Manual For Financial and Managerial Accounting 4th Edition By Jerry Weygandt, Paul Kimmel, Jill Mitchell (All Chapters, 100% Original Verified, A+ Grade) Solutions Manual For Financial and Managerial Accounting 4e By Jerry Weygandt, Paul Kimmel, Jill Mitchell (All Chapters, 100% Original ...

[Show more]

Preview 4 out of 2021 pages

View example

Uploaded on November 10, 2024
Number of pages 2021
Written in 2024/2025
Type Exam (elaborations)
Contains Questions & answers

9781119341697
solution manual for financial and managerial accou
solution manual for financial and managerial accou
test bank download free test bank download
test bank exam bank mcqs solutions manual

Institution Solution Manual For Financial And Managerial Accou
Course Solution Manual For Financial And Managerial Accou

nipseyscott Member since 10 months 13 documents sold

$19.99

Add to cart

Add to wishlist

100% satisfaction guarantee
Immediately available after payment
Both online and in PDF
No strings attached

FULL SOLUTION MANUAL FOR
Financial And Managerial Accounting 4th Edition by Jerry J
Weygandt, Paul D Kimmel, Jill E Mitchel

CHAPTER 1 RT

Accounting in Action RT RT

ASSIGNMENT CLASSIFICATION TABLE RT RT

Brief Exe RT A
Learning Objectives RT Questions rcises Do It!
RT Exercises Problems

1. 1, 2, 3, 4, 5
RT RT RT RT 1 1, 2RT

Identify the activities a RT RT RT

ndusers associated with
R
T RT RT

accounting.
RT

2. Explain the building blocks of 6, 7, 8, 9, 10
RT RT RT RT RT RT RT RT RT RT 2 3, 4RT

accounting: ethics, principles RT RT

,and assumptions.
R
T RT

3. 11, 12, 13, 14. 1, 2, 3, 4, 5
RT RT RT RT RT RT RT 3 5
State the accounting RT RT RT 22
equation, and define it RT RT RT

scomponents.
R
T

4. 15, 16, 18
RT RT 6, 7, 8, 9
RT RT RT 4 6, 7, 8
RT RT 1A, 2A, 4A,
RT RT

Analyze the effects of busi RT RT RT RT 5A
ness transactions on theac
RT RT RT R
T

counting equation. RT

5. 17, 19, 20, 21, 10, 11
RT RT RT RT 5 8, 9, 10, 11, 2A, 3A, 4A,
RT RT RT RT RT

Describe the four financial RT RT RT RT 12, 13, 14, 15, 5A
RT RT RT

statements and how they ar RT RT RT RT 16, 17, 18
RT RT

eprepared.
R
T

obtain permission to reuse this material is available at http://www.wiley.com/go/permissi
RT RT RT RT RT RT RT RT RT

ons.

, © 2021 John Wiley & Sons, Inc. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or
RT RT RT RT RT RT RT RT RT RT RT RT RT RT RT RT RT RT RT RT RT RT RT RT

transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, except as permitted by law. A
R
T RT RT RT RT RT RT RT RT RT RT RT RT RT RT RT RT RT RT

dvice on how to
RT RT RT

1-2 ©RT2021RT JohnRTWileyRT&RTSons,RT Inc.RTAllRT rightsRTreserved.R T Weygandt,RTFinancialRT&RTManagerialRTAccountingRT4e,RT SolutionsRT ManualRTRTR T (ForRT Instru
ctorRT UseRTOnly)

, ANSWERS TO QUESTIONS RT RT

1. True. Virtually every organization and person in our society uses accounting information. Busin
RT RT RT RT RT RT RT RT RT RT RT RT

esses, investors, creditors, government agencies, and not-for-
RT RT RT RT RT RT

profit organizations must use accounting information to operate effectively.
RT RT RT RT RT RT RT RT

LO 1, BT: K, Difficulty: Easy, TOT: 2 min., AACSB: None, AICPA FC: Reporting, IMA: Reporting
RT RT RT RT RT RT RT RT RT RT RT RT RT RT RT

2. Accounting is the process of identifying, recording, and communicating the economic events
RT RT RT RT RT RT RT R T R T RT RT R

of an organization to interested users of the information. The first activity of the accounting pro
T RT RT RT RT RT RT RT RT RT RT RT RT RT RT RT

cess is to identify economic events that are relevant to a particular business. Once identified a
RT RT RT RT RT RT RT RT RT RT RT RT RT RT RT

nd measured, the events are recorded to provide a history of the financial activities of the org
RT RT RT RT RT RT RT RT RT RT RT RT RT RT RT RT

anization. Recording consists of keeping a chronological diary of these measured events in an
RT RT RT RT RT RT RT RT RT RT RT RT RT R
T

orderly and systematic manner. The information is communicated through the preparation and
RT RT RT RT RT RT RT RT RT RT RT RT

distribution of accounting reports, the most common of which are called financial state
RT RT R T R T R T R T R T R T RT R T RT RT

ments.A vital element in the communication process is the accountant’s ability and responsibilit
R
T RT RT RT RT RT RT RT RT RT RT RT RT

y to analyze and interpret the reported information.
RT RT RT RT RT RT RT

LO 1, BT: K, Difficulty: Easy, TOT: 2 min., AACSB: None, AICPA FC: Reporting, IMA: Reporting
RT RT RT RT RT RT RT RT RT RT RT RT RT RT RT

3. (a) Internal users are those who plan, organize, and run the business and therefore are officer
RT RT RT RT RT RT RT RT RT RT RT RT RT RT RT

s and other decision makers.
RT RT RT RT

(b) To assist management, accounting provides internal reports. Examples include financial c
RT RT RT RT RT RT RT RT RT RT

omparisons of operating alternatives, projections of income from new sales campaigns,
RT RT RT RT RT R T RT RT RT RT RT

and forecasts of cash needs for the next year.
RT RT RT RT RT RT RT RT

LO 1, BT: K, Difficulty: Easy, TOT: 2 min., AACSB: None, AICPA FC: Reporting, IMA: Reporting
RT RT RT RT RT RT RT RT RT RT RT RT RT RT RT

4. (a) Investors (owners) use accounting information to make decisions to buy, hold, or sell stock.
RT RT RT RT RT RT RT RT RT RT RT RT RT

(b) Creditors use accounting information to evaluate the risks of granting credit or lending money.
RT RT RT RT RT RT RT RT RT RT RT RT RT

LO 1, BT: K, Difficulty: Easy, TOT: 2 min., AACSB: None, AICPA FC: Reporting, IMA: Reporting
RT RT RT RT RT RT RT RT RT RT RT RT RT RT RT

5. False. Bookkeeping usually involves only the recording of economic events and therefore is ju
RT RT RT RT RT RT RT RT RT RT RT RT RT

st one part of the entire accounting process. Accounting, on the other hand, involves the entire
RT RT RT RT RT RT RT RT RT RT RT RT RT RT RT

process of identifying, recording, and communicating economic events.
RT RT RT RT RT RT RT RT

LO 1, BT: C, Difficulty: Easy, TOT: 2 min., AACSB: None, AICPA FC: Reporting, IMA: Reporting
RT RT RT R T RT RT RT RT RT R T RT RT RT RT RT

6. Harper Travel Agency should report the land at $85,000 on its December 31, 2022 balance
RT RT RT RT RT RT RT RT RT RT RT RT R T R T RT

sheet. This is true not only at the time the land is purchased, but also over the time the land i
RT RT RT RT RT RT RT RT RT RT RT RT RT RT RT RT RT RT RT RT

s held. In determining which measurement principle to use (historical cost or fair value) compa
RT RT RT RT RT RT RT RT RT RT RT RT RT RT

nies weigh the factual nature of cost figures versus the relevance of fair value. In general, com
RT RT RT RT RT RT RT RT RT RT RT RT RT RT RT RT

panies use historical cost. Only in situations where assets are actively traded do companies a
RT RT RT RT RT RT RT RT RT RT RT RT R T RT

pply the fair value principle.
RT RT RT RT

LO 2, BT: C, Difficulty: Easy, TOT: 2 min., AACSB: None, AICPA FC: Measurement, Analysis and Interpretation
R T R T R T R T R T R T R T R T R T R T R T R T R T RT R T R T

IMA: Reporting
R T RT

7. The monetary unit assumption requires that only transaction data capable of being expressed i
RT RT RT RT RT RT RT RT RT RT RT RT RT

n terms of money be included in the accounting records. This assumption enables accounting
RT RT RT RT RT RT RT RT RT RT RT RT RT RT

to quantify (measure) economic events.
RT RT RT RT

LO 2, BT: K, Difficulty: Easy, TOT: 2 min., AACSB: None, AICPA FC: Measurement, Analysis and Interpretation IMA:
RT RT RT RT RT RT RT RT RT RT RT RT RT RT RT RT R T R
T

Reporting

obtain permission to reuse this material is available at http://www.wiley.com/go/permissi
RT RT RT RT RT RT RT RT RT

ons.

,

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller nipseyscott. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $19.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

69411 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling

Seller

Exam (elaborations) ·

Exam (elaborations)

Solution Manual For Financial And Managerial Accounting 4th Edition by Jerry J Weygandt

Document information

Subjects

Connected book

More summaries for

Written for