SOLUTION MANUAL FOR ACCOUNTING PRINCIPLES, VOLUME 1, 10TH CANADIAN EDITION JERRY J. WEYGANDT, PAUL D. KIMMEL, JILL E. MITCHELL, VALERIE WARREN, LORI NOVAK ALL CHAPTERS 1-10

SOLUTION MANUAL FOR
ACCOUNTING PRINCIPLES, VOLUME 1, 10TH CANADIAN EDITION JERRY
J. WEYGANDT, PAUL D. KIMMEL, JILL E. MITCHELL, VALERIE WARREN,
LORI NOVAK
CHAPTER 1-10
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.

,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

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
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 Management Accounting
Audit Audit and Assurance
Finance Finance
Tax Taxation


ASSIGNMENT CLASSIFICATION TABLE
Brief Problems Problems
Learning Objectives Questions Exercises Exercises Set A Set B

1. Identify the use and 1, 2, 3 1 1, 2, 5 1 1
users of accounting
and the objective of
financial reporting.

2. Compare the different 4 2 3, 2 2
forms of business
organization.

, 3. Explain the building 5, 6, 7, 8, 3, 4, 5, 6 3, 4, 5, 9, 2, 5, 7, 2, 5, 7, 11
blocks of accounting: 9, 10, 11 10 11
ethics and the
concepts included in
the conceptual
framework.
4. Describe the 12, 13, 14. 7, 8, 9, 6, 7, 13 3, 4, 6, 7, 3, 4, 6, 7,
components of the 15, 16 10, 11, 15 8, 11 8, 11
financial statements
and explain the
accounting equation.
5. Analyze the effects of 17, 18 12, 13, 14 5, 8, 9, 5, 7, 8, 6, 7, 8, 9,
business transactions 10, 11, 11 10, 11
on the accounting 12, 13
equation.

6. Prepare financial 19, 20 14, 15, 16 9, 14, 15, 6, 7, 8, 9, 2, 5, 7, 11
statements. 17, 18 16, 17 10, 11




ASSIGNMENT CHARACTERISTICS TABLE
Problem Difficulty Time
Number Description Level Allotted (min.)

1A Identify users and uses of accounting information. Simple 15-20

2A Determine forms of business organization and Simple 15-20
types of accounting standards.
3A Determine missing items. Complex 20-25

4A Classify accounts and prepare accounting Simple 20-30
equation.
5A Assess accounting treatment. Moderate 20-25

6A Analyze transactions and calculate owner’s equity. Simple 35-45
7A Analyze transactions and prepare balance sheet. Simple 40-50

8A Analyze transactions and prepare financial Moderate 40-50
statements.
9A Prepare financial statements. Simple 35-45

10A Determine missing amounts, and comment. Moderate 35-45
11A Discuss errors and prepare corrected balance Moderate 45-55
sheet.

1B Identify users and uses of accounting information. Simple 15-20

2B Determine forms of business organization and Simple 15-20
types of accounting standards.