SOLUTION MANUAL FOR Accounting Principles, Volume 1 Loose Leaf by Jerry J. Weygandt , Paul D. Kimmel ISBN: 978-1394277803 ALL CHAPTERS COVERED YOUR ULTIMATE GUIDE 100% VERIFIED A+ GRADE ASSURED!!!!! NEW LATEST UPDATE!!!!!

Weygandt,GHKieso,GHKimmel,GHTrenholm,GHWarren,GH AccountingGHPrinciples,GHTenthGHCanadianGHE
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SOLUTION MANUAL FOR GH GH


AccountingGHprinciples,GHvolumeGH1,GH10thGHcanadianGHeditionGHjerryGHj.GHWeyg
andt,GHpaulGHd.GHKimmel,GHjillGHe.GHMitchell,GHvalerieGHwarren,GHloriGHnovak

ChapterGH1-10



CHAPTER 1 GH




ANSWERS TO QUESTIONS
GH GH




1. Yes.GHAccountingGHisGHtheGHfinancialGHinformationGHsystemGHthatGHprovidesGHus
efulGHfinancialGHinformationGHtoGHeveryGHpersonGHwhoGHownsGHandGHusesGHecon
omicGHresourcesGHorGHotherwiseGHengagesGHinGHeconomicGHactivity.

LOGH1G H BT:GHCG H Difficulty:GHSG H Time:GH5GHmin.G H AACSB:GHNoneG H CPA:GHcpa-t001G H CM:GHReporting

2. InternalGHusersGHareGHthoseGHwhoGHplan,GHorganize,GHandGHrunGHbusinessesGHa
ndGHincludeGHmanagers,GHsupervisors,GHdirectors,GHandGHcompanyGHofficers.GH
ExternalGHusersGHworkGHforGHotherGHorganizationsGHbutGHhaveGHreasonsGHtoGHbe
GHinterestedGHinGHtheGHcompany’sGHfinancialGHpositionGHandGHperformance,GHan

dGHincludeGHcurrentGHorGHpotentialGHinvestorsGH(owners),GHandGHcreditors.

InternalGHusersGHmayGHwantGHanswersGHtoGHseveralGHtypesGHofGHquestions.GHFo
rGHexample,GHtheGHfinanceGHdepartmentGHwantsGHtoGHknowGHifGHthereGHisGHenoug
hGHcashGHtoGHpayGHtheGHbills.GHTheGHmarketingGHdepartmentGHwantsGHtoGHknowGH
whatGHpriceGHtheGHbusinessGHshouldGHuseGHinGHsellingGHitsGHproductsGHtoGHmaxi
mizeGHprofits.GHTheGHhumanGHresourcesGHdepartmentGHwantsGHtoGHknowGHhowG
HmanyGHpeopleGHtheGHbusinessGHcanGHaffordGHtoGHhire.GHTheGHproductionGHdepa

rtmentGHwantsGHtoGHknowGHwhichGHproductGHlinesGHmakeGHtheGHbusinessGHtheGH
mostGHprofit.

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orGHexample,GHinvestorsGHwantGHtoGHknowGHifGHtheGHcompanyGHisGHearningGHeno
ughGHtoGHgiveGHthemGHaGHreturnGHonGHtheirGHinvestment.GHCreditorsGHwantGHtoGHk
nowGHifGHtheGHcompanyG H isGHableGHtoGHpayGHitsGHdebtsGHasGHtheyGHcomeGHdue.GH
LabourGHunionsGHwantGHtoGHknowGHwhetherGHtheGHownersGHcanGHaffordGHtoGHpay
GHincreasedGHwagesGHandGHbenefits.GHCustomersGHareGHinterestedGHinGHwhethe

rGHaGHcompanyGHwillGHcontinueGHtoGHhonourGHitsGHproductGHwarrantiesGHandGHsu
pportGHitsGHproductGHlines.GHTaxingGHauthoritiesGHwantGHtoGHknowGHwhetherGHthe
GHcompanyGHrespectsGHtheGHtaxGHlaws.GHRegulatoryGHagenciesGHwantGHtoGHkno

wGHwhetherGHtheGHcompanyGHisGHrespectingGHestablishedGHrules.

LOGH1G H BT:GHCG H Difficulty:GHMG H Time:GH15GHmin.G H AACSB:GHNoneG H CPA:GHcpa-t001G H CM:GHReporting
SolutionsGHManu 1.1 ChapterGH
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GHpageGHisGHprohibited.

,Weygandt,GHKieso,GHKimmel,GHTrenholm,GHWarren,GH AccountingGHPrinciples,GHTenthGHCanadianGHE
Novak dition



3. TheGHmainGHobjectiveGHofGHfinancialGHreportingGHisGHtoGHprovideG H usefulGHinformationGHt
o




SolutionsGHManu 1.2 ChapterGH
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GHpageGHisGHprohibited.

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Novak dition


investorsGHandGHcreditorsGH(externalGHusers)GHtoGHmakeGHdecisionsGHaboutGHaGH
business.GHUsersGHmayGHbeGHpotentialGHinvestorsGHwhoGHneedGHtoGHdecideGHifGH
theyG H wishGHtoGHinvestGHinGHtheGHbusinessGHorGHtheyGHmayGHbeGHcreditorsGHdeci
dingGHifGHtheyG H wishGHtoGHlendGHmoneyGHtoGHtheGHbusiness.GHTheseGHusersGHwa
ntGHtoGHknowGHifGHtheGHbusinessGHisGHrunningGHsuccessfullyGHandGHcanGHgenerat
eGHcashGHandGHearnGHaGHprofit.

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4. Proprietorships,GHpartnerships,GHandGHcorporationsGHareGHtheGHthreeGHmainGHfo
rmsGHofGHbusinessGHorganizations.GHTheGHmainGHdifferenceGHamongGHtheseGHthr
eeGHformsGHisGHtheGHsizeGHofGHtheGHbusiness.GHSinceGHaGHproprietorshipGHisGHaGHb
usinessGHownedGHbyG H oneGHperson,GHitGHhasGHlimitedGHresources.GHTheGHsizeGH
ofGHtheGHbusinessGHisGHtypicallyGHsmallGHandGHtheGHlifeGHofGHtheGHbusinessGHisGHli
mitedGHtoGHtheGHlifeGHofGHtheGHowner.GHTheGHsizeGHofGHbusinessesGHcanGHexpandG
HinGHtheGHcaseGHofGHaGHpartnershipGHasGHmoreGHownersGHareGHinvolvedGHinGHtheGH

day-to-
dayGHoperationsGHofGHtheGHbusiness.GHInGHorderGHtoGHachieveGHaGHlargeGHsize,GHw
ithGHaGHdiverseGHgroupGHofGHowners,GHtheGHcorporateGHformGHisGHusedGHtoGHhaveG
HeasyGHtransferabilityGHofGHtheGHownershipGHthroughGHtheGHissuanceGHofGHshare

s.GHAnotherGHimportantGHdifferenceGHisGHthatGHtheGHcorporationGHisGHaGHseparate
GHlegalGHentityGHandGHpaysGHincomeGHtaxes.GHInGHaddition,GHtheGHcorporationGHisG

HtheGHonlyGHformGHwhereGHownersGHhaveGHlimitedGHliabilityGHwithGHrespectGHtoGHth

eGHbusiness.GHTheGHfollowingGHareGHtheGHmainGHcharacteristicsGHofGHeachGHform
:

a. AGHproprietorshipGHisGHaGHprivateGHbusinessGHwithGHoneGHownerGHwhoGHha
sGHunlimitedGHliabilityGHforGHtheGHbusiness.GHTheGHproprietorshipGHhasGHaGHli
mitedGHlifeGHtiedGHtoGHtheGHlifeGHofGHtheGHowner.GHThereGHisGHtransparencyGH
betweenGHtheGHownerGHandGHtheGHbusiness.GHUltimately,GHtheGHownerGHisG
HpersonallyGHresponsibleGHtoGHpayGHtaxGHonGHtheGHprofitGHofGHtheGHbusines

s.

b. AGHpartnershipGHhasGHessentiallyGHtheGHsameGHcharacteristicsGHasGHaGHpr
oprietorshipGHexceptGHthatGHinGHaGHpartnership,GHthereGHisGHmoreGHthanGHo
neGHowner.GHPartnershipsGHareGHoftenGHusedGHtoGHorganizeGHservice-
typeGHbusinesses,GHincludingGHprofessionalGHpractices.

c. ForGHcorporations,GHtheGHownersGHareGHoneGHorGHmoreGHshareholdersGHw
hoGHenjoyGHlimitedGHliability.GHTheGHcorporationGHpaysGHincomeGHtaxesGHa
ndGHcanGHhaveGHanGHindefiniteGHliveGHsinceGHitsGHownershipGHunits,GHinGHthe
GHformGHofGHshares,GHareGHeasilyGHtransferredGHtoGHotherGHowners.




LOGH2G H BT:GHKG H Difficulty:GHMG H Time:GH15GHmin.G H AACSB:GHNoneG H CPA:GHcpa-t001G H CM:GHReporting

5. EthicsGHisGHaGHfundamentalGHbusinessGHconcept.GHIfGHaccountantsGHdoGHnotGHha
veGHaGHhighGHethicalGHstandard,GHtheGHinformationGHtheyGHproduceGHwillGHnotGHha
veGHanyGHcredibility.
SolutionsGHManu 1.3 ChapterGH
al©GH2022GHJohnGHWileyGH&GHSonsGHCanada,GHLtd.GHUnauthorizedGHcopying,GHdistribution,GHorGHtransmissionGH1ofGHthis
GHpageGHisGHprohibited.

, Weygandt,GHKieso,GHKimmel,GHTrenholm,GHWarren,GH AccountingGHPrinciples,GHTenthGHCanadianGHE
Novak dition



EthicsGHareGHimportantGHtoGHstatementGHusersGHbecauseGHitGHprovidesGHthemGHc
omfortGHthatGHtheGHfinancialGHinformationGHtheyGHareGHusingGHisGHcredibleGHandGH
reliable.




SolutionsGHManu 1.4 ChapterGH
al©GH2022GHJohnGHWileyGH&GHSonsGHCanada,GHLtd.GHUnauthorizedGHcopying,GHdistribution,GHorGHtransmissionGH1ofGHthis
GHpageGHisGHprohibited.