Solutions for Intermediate Accounting, Volume 2, 9th Canadian Edition by Kieso

Weygandt, nKieso, nKimmel, nTrenholm, nWarren, Accounting nPrinciples, nNinth nCanadian
Novak
n nEdition




CHAPTER 1 n




Accounting in Action n n




Learning Objectives n



1. Identify the use and users of accounting and the objective
n n n n n n n n n


of financial reporting.
n n n


2. Compare the different forms of business organization.
n n n n n n


3. Explain the building blocks of accounting: ethics and
n n n n n n n


the concepts included in the conceptual framework.
n n n n n n n


4. Describe the components of the financial statements
n n n n n n


and explain the accounting equation.
n n n n n


5. Analyze the effects of business transactions on
n n n n n n


the accounting equation.
n n n


6. Prepare financial statements.n n




Solutions 1.1 Chapter
nManual
© n2022 nJohn nWiley n& nSons nCanada, nLtd. nUnauthorized ncopying, ndistribution, nor ntransmission nof nthisn1npage
nis nprohibited.

, Weygandt, nKieso, nKimmel, nTrenholm, nWarren, Accounting nPrinciples, nNinth nCanadian
n Novak nEdition




Summary of Questions by Learning Objectives and Bloom‘s Taxonomy
n n n n n n n n




Item LO BT Item LO
n BT Item LO BT Item BT Item BT
LO n nLO
Questions
1. 1 C 5. 3 C 9. 3 C 13. 4 K 17. 5 C
n n n n
2. 1 6. 3 10. 3 14. 4 18. 5 A
C K C K n


3. 1 n 7. 3 n 11. 3 15. n 4 n 19. 6 P
4. 2 C 8. 3 K 12. 4 C 16. 4 C 20. 6 K
n

K C K K C
Brief Exercises
n


1. 1 K 5. 3 C 9. 4 AP 13. 5 AP 17. 6 AP
n
2. 2 C 6. 3 10. 4 A 14. 4,5 A 18. 6 A
C
n n n n


3. 3 A
n 7. 4 11.
n 4 P 15. 4,6 P P
4. 3 N 8. 4 C 12. 5 K 16. n 6 A
n


C AP AP P
AP
Exercises
1. 1 C 5. 1,3,5 K 9. 3,5,6 C 13. 4,5 AP 17. 6 AP
n n
2. 1 6. 4 A 10. 5 14. 6 A
C C
n n


3. 2 n 7. 4 P 11. 5 15. n 6 P
4. 3 C 8. 5 A n 12. 4,5 C 16. 6 A
n

C P AP P
C AP
Problems
1. 1 S 4. 4 AP 7. 3,4,5,6 AP 10. 6 AN
2. 2,3 5. 3,5 C n 8. 4,5,6 A 11. 3,4,5,6 AP
n n

APn 6. 4,6 AP 9. 6 P
3. 4 AP AP




Solutions 1.2 Chapter
nManual
© n2022 nJohn nWiley n& nSons nCanada, nLtd. nUnauthorized ncopying, ndistribution, nor ntransmission nof nthisn1npage
nis nprohibited.

,Weygandt, nKieso, nKimmel, nTrenholm, nWarren, Accounting nPrinciples, nNinth nCanadian
Novak
n nEdition




Legend: The following abbreviations will appear throughout the
n n n n n n n


solutions manual file.
n n n




LO Learning objective n


Bloom's
BT Taxonom
n


y
K Knowledge
C Comprehension
AP Application
n


AN Analysis
S
n Synthesis
E Evaluation
Difficulty: Level of difficulty
n n


S
n Simple
M Moderate
C Complex
Time: Estimated time to complete in minutes
n n n n n


AACSB Association to Advance Collegiate Schools ofn n n n n


Business Communication Communication
n n


Ethics Ethics
Analytic Analytic
Tech. Technology
Diversity Diversity
Reflec. Thinking Reflective Thinking
n n


CPA CM n CPA Canada Competency Map
n n n


Ethics Professional and Ethical Behaviour n n n


PS and DM
n n Problem-Solving and Decision-Making
n n n


Comm.
n Communication
Self-Mgt. Self-Management
Team & Lead Teamwork and Leadership
n n n n


Reporting
n Financial Reporting n


Stat. & Gov.n Strategy and Governance
n n n


Mgt. Accounting
n n Management Accounting n


Audit
n Audit and Assurance n n


Finance Finance
Tax Taxation


Solutions 1.3 Chapter
nManual
© n2022 nJohn nWiley n& nSons nCanada, nLtd. nUnauthorized ncopying, ndistribution, nor ntransmission nof nthisn1npage
nis nprohibited.

, Weygandt, nKieso, nKimmel, nTrenholm, nWarren, Accounting nPrinciples, nNinth nCanadian
Novak
n nEdition




ASSIGNMENT CLASSIFICATION TABLE n n




Brief Problems Problems
Learning nObjectives Questions Exercises Exercises Set nA Set nB

1. nIdentify nthe nuse 1, n2, n3 1 1, n2, n5 1 1
nand nusers nof

naccounting nand

nthe nobjective nof

nfinancial nreporting.

2. nCompare nthe ndifferent 4 2 3, 2 2
nforms nof nbusiness

norganization.




3. nExplain nthe nbuilding 5, n6, n7, n8, 3, n4, n5, n6 3, n4, n5, n9, 2, n5, n7, 2, n5, n7,
nblocks nof naccounting: 9, n10, n11 10 11 n11

nethics nand nthe

nconcepts nincluded nin

nthe nconceptual

framework.
4. nDescribe nthe 12, n13, n14. 7, n8, n9, 6, n7, n13 3, n4, n6, n7, 3, n4, n6, n7,
ncomponents nof nthe 15, n16 10, n11, n15 8, n11 8, n11
nfinancial

nstatements nand

nexplain nthe

naccounting

nequation.

5. nAnalyze nthe neffects nof 17, n18 12, n13, n14 5, n8, n9, 5, n7, n8, 6, n7, n8, n9,
nbusiness ntransactions 10, n11, 11 10, n11
non nthe naccounting 12, n13
nequation.




6. nPrepare nfinancial 19, n20 14, n15, n16 9, n14, n15, 6, n7, n8, n9, 2, n5, n7,
nstatements. 17, n18 16, n17 10, n11 n11




Solutions 1.4 Chapter
nManual
© n2022 nJohn nWiley n& nSons nCanada, nLtd. nUnauthorized ncopying, ndistribution, nor ntransmission nof nthisn1npage
nis nprohibited.