Weygandt, Kieso, Kimmel, Trenholm, Warren, Novak Accounting Principles, Ninth Canadian Edition
CHAPTER 1
Accounting in Action
Learning Objectives
1. Identify the use and users of accounting and the objective of
financial reporting.
2. Compare the different forms of business organization.
3. Explain the building blocks of accounting: ethics and the
concepts included in the conceptual framework.
4. Describe the components of the financial statements and
explain the accounting equation.
5. Analyze the effects of business transactions on the
accounting equation.
6. Prepare financial statements.
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
Item LO BT Item LO BT Item LO BT Item LO BT Item LO BT
Questions
1. 1 C 5. 3 C 9. 3 C 13. 4 K 17. 5 C
2. 1 C 6. 3 K 10. 3 C 14. 4 K 18. 5 AP
3. 1 C 7. 3 K 11. 3 C 15. 4 C 19. 6 K
4. 2 K 8. 3 C 12. 4 K 16. 4 K 20. 6 C
Brief Exercises
1. 1 K 5. 3 C 9. 4 AP 13. 5 AP 17. 6 AP
2. 2 C 6. 3 C 10. 4 AP 14. 4,5 AP 18. 6 AP
3. 3 AN 7. 4 C 11. 4 K 15. 4,6 AP
4. 3 C 8. 4 AP 12. 5 AP 16. 6 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 6. 4 AP 10. 5 C 14. 6 AP
3. 2 C 7. 4 AP 11. 5 C 15. 6 AP
4. 3 C 8. 5 C 12. 4,5 AP 16. 6 AP
Problems
1. 1 S 4. 4 AP 7. 3,4,5,6 AP 10. 6 AN
2. 2,3 AP 5. 3,5 C 8. 4,5,6 AP 11. 3,4,5,6 AP
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`solutions`
manual`file.
LO Learning`objective
Bloom's`T
BT axonomy
K Knowledge
C
Comprehension
`AP Application
AN
Analysis`
S Synthesis
E Evaluation
Difficulty: Level`of`difficulty`
S Simple
M Moderate
C Complex
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
Solutions`Manual 1.3 Chapter`1
©`2022`John`Wiley`&`Sons`Canada,`Ltd.`Unauthorized`copying,`distribution,`or`transmission`of`this`page`is`prohibite
d.
, Weygandt,`Kieso,`Kimmel,`Trenholm,`Warren,`Novak Accounting`Principles,`Ninth`Canadian`Edition
Management`Accounting`
Audit Audit`and`Assurance
Finance Finance
Tax Taxation
Solutions`Manual 1.4 Chapter`1
©`2022`John`Wiley`&`Sons`Canada,`Ltd.`Unauthorized`copying,`distribution,`or`transmission`of`this`page`is`prohibite
d.
CHAPTER 1
Accounting in Action
Learning Objectives
1. Identify the use and users of accounting and the objective of
financial reporting.
2. Compare the different forms of business organization.
3. Explain the building blocks of accounting: ethics and the
concepts included in the conceptual framework.
4. Describe the components of the financial statements and
explain the accounting equation.
5. Analyze the effects of business transactions on the
accounting equation.
6. Prepare financial statements.
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
Item LO BT Item LO BT Item LO BT Item LO BT Item LO BT
Questions
1. 1 C 5. 3 C 9. 3 C 13. 4 K 17. 5 C
2. 1 C 6. 3 K 10. 3 C 14. 4 K 18. 5 AP
3. 1 C 7. 3 K 11. 3 C 15. 4 C 19. 6 K
4. 2 K 8. 3 C 12. 4 K 16. 4 K 20. 6 C
Brief Exercises
1. 1 K 5. 3 C 9. 4 AP 13. 5 AP 17. 6 AP
2. 2 C 6. 3 C 10. 4 AP 14. 4,5 AP 18. 6 AP
3. 3 AN 7. 4 C 11. 4 K 15. 4,6 AP
4. 3 C 8. 4 AP 12. 5 AP 16. 6 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 6. 4 AP 10. 5 C 14. 6 AP
3. 2 C 7. 4 AP 11. 5 C 15. 6 AP
4. 3 C 8. 5 C 12. 4,5 AP 16. 6 AP
Problems
1. 1 S 4. 4 AP 7. 3,4,5,6 AP 10. 6 AN
2. 2,3 AP 5. 3,5 C 8. 4,5,6 AP 11. 3,4,5,6 AP
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`solutions`
manual`file.
LO Learning`objective
Bloom's`T
BT axonomy
K Knowledge
C
Comprehension
`AP Application
AN
Analysis`
S Synthesis
E Evaluation
Difficulty: Level`of`difficulty`
S Simple
M Moderate
C Complex
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
Solutions`Manual 1.3 Chapter`1
©`2022`John`Wiley`&`Sons`Canada,`Ltd.`Unauthorized`copying,`distribution,`or`transmission`of`this`page`is`prohibite
d.
, Weygandt,`Kieso,`Kimmel,`Trenholm,`Warren,`Novak Accounting`Principles,`Ninth`Canadian`Edition
Management`Accounting`
Audit Audit`and`Assurance
Finance Finance
Tax Taxation
Solutions`Manual 1.4 Chapter`1
©`2022`John`Wiley`&`Sons`Canada,`Ltd.`Unauthorized`copying,`distribution,`or`transmission`of`this`page`is`prohibite
d.
