SOLUTION MANUAL
Financial Accounting 11th Edition
By Jerry J. Weygandt, paul D. Kimmel
chapters 1 - 13 | Complete
,TABLE OF CONTENTS J J
Chapter 1. Accounting in Action
J J J J
Chapter 2. The Recording Process
J J J J
Chapter 3. Adjusting the Accounts
J J J J
Chapter 4. Completing the Accounting Cycle
J J J J J
Chapter 5. Accounting for Merchandising Operations
J J J J J
Chapter 6. Inventories
J J
Chapter 7. Fraud, Internal Control and Cash
J J J J J J
Chapter 8. Accounting for Receivables
J J J J
Chapter 9. Plant Assets, Natural Resources and Intangible Assets
J J J J J J J J
Chapter 10. Liabilities
J J
Chapter 11. Corporations: Organisations, Stock Transactions and Stockholders’ Equ
J J J J J J J J
ity
Chapter 12. Statement of Cash Flows
J J J J J
Chapter 13. Financial Analysis: The Big Picture
J J J J J J J
,CHAPTER 1
J
Accounting in Action
J J
ASSIGNMENT CLASSIFICATION TABLE
J J
BriefJExerci A
LearningJObjectives Questions ses DoJIt! Exercises Problems
1. 1,J2,J3,J4,J5 1 1,J2
IdentifyJtheJactivitiesJandJu
sersJassociatedJwithJaccou
nting.
2.JExplainJtheJbuildingJblocksJofJaccou 6,J7,J8,J9,J10 2 3,J4
nting:Jethics,Jprinciples,JandJassu
mptions.
3. 11,J12,J13,J14. 1,J2,J3,J4,J5 3 5
StateJtheJaccountingJequ 22
ation,JandJdefineJitsJcomp
onents.
4. 15,J16,J18 6,J7,J8,J9 4 6,J7,J8 1A,J2A,J4A,
AnalyzeJtheJeffectsJofJbusinessJ 5A
transactionsJonJtheJaccountingJ
equation.
5. 17,J19,J20,J21, 10,J11 5 8,J9,J10,J11, 2A,J3A,J4A,
DescribeJtheJfourJfinancialJstat 12,J13,J14,J15, 5A
ementsJandJhowJtheyJareJprepar 16,J17,J18
ed.
, ANSWERS TO QUESTIONS J J
1. True.JVirtuallyJeveryJorganizationJandJpersonJinJourJsocietyJusesJaccountingJinformation.JBusinesses,Jinvesto
rs,Jcreditors,JgovernmentJagencies,JandJnot-for-
profitJorganizationsJmustJuseJaccountingJinformationJtoJoperateJeffectively.
LOJ 1,J BT:J K,J Difficulty:J Easy,J TOT:J 2J min.,J AACSB:J None,J AICPAJ FC:J Reporting,J IMA:J Reporting
2. AccountingJisJtheJprocessJofJidentifying,Jrecording,JandJ communicatingJ theJeconomicJeventsJofJanJorganiza
tionJtoJinterestedJusersJofJtheJinformation.JTheJfirstJactivityJofJtheJaccountingJprocessJisJtoJidentifyJeconomicJ
eventsJthatJareJrelevantJtoJaJparticularJbusiness.JOnceJidentifiedJandJmeasured,JtheJeventsJareJrecordedJtoJp
rovideJaJhistoryJofJtheJfinancialJactivitiesJofJtheJorganization.JRecordingJconsistsJofJkeepingJaJchronologicalJdi
aryJofJtheseJmeasuredJeventsJinJanJorderlyJandJsystematicJmanner.JTheJinformationJisJcommunicatedJthroug
hJtheJpreparationJandJdistributionJofJaccountingJ reports,J theJ mostJ commonJ ofJ whichJareJ calledJfinancialJ
statements.JAJvitalJelementJinJtheJcommunicationJprocessJisJtheJaccountant’sJabilityJandJresponsibilityJtoJana
lyzeJandJinterpretJtheJreportedJinformation.
LOJ 1,J BT:J K,J Difficulty:J Easy,J TOT:J 2J min.,J AACSB:J None,J AICPAJ FC:J Reporting,J IMA:J Reporting
3. (a)JInternalJusersJareJthoseJwhoJplan,Jorganize,JandJrunJtheJbusinessJandJthereforeJareJofficersJandJotherJdec
isionJmakers.
(b) ToJassistJmanagement,JaccountingJprovidesJinternalJreports.JExamplesJincludeJfinancialJcomparisonsJo
fJoperatingJalternatives,JprojectionsJofJ incomeJfromJnewJsalesJ campaigns,JandJforecastsJofJ cashJneedsJ
forJtheJnextJyear.
LOJ 1,J BT:J K,J Difficulty:J Easy,J TOT:J 2J min.,J AACSB:J None,J AICPAJ FC:J Reporting,J IMA:J Reporting
4. (a) InvestorsJ(owners)JuseJaccountingJinformationJtoJmakeJdecisionsJtoJbuy,Jhold,JorJsellJstock.
(b) CreditorsJuseJaccountingJinformationJtoJevaluateJtheJrisksJofJgrantingJcreditJorJlendingJmoney.
LOJ 1,J BT:J K,J Difficulty:J Easy,J TOT:J 2J min.,J AACSB:J None,J AICPAJ FC:J Reporting,J IMA:J Reporting
5. False.JBookkeepingJusuallyJinvolvesJonlyJtheJrecordingJofJeconomicJeventsJandJthereforeJisJjustJoneJpartJofJt
heJentireJaccountingJprocess.JAccounting,JonJtheJotherJhand,JinvolvesJtheJentireJprocessJofJidentifying,Jrecor
ding,JandJcommunicatingJeconomicJevents.
LOJ 1,J BT:J C,J Difficulty:J Easy,J TOT:J 2J min.,J AACSB:J None,J AICPAJ FC:J Reporting,J IMA:J Reporting
6. HarperJTravelJAgencyJshouldJreportJtheJlandJatJ$85,000JonJitsJDecemberJ31,J 2022J balanceJsheet.JThisJisJtrue
JnotJonlyJatJtheJtimeJtheJlandJisJpurchased,JbutJalsoJoverJtheJtimeJtheJlandJisJheld.JInJdeterminingJwhichJmeas
urementJprincipleJtoJuseJ(historicalJcostJorJfairJvalue)JcompaniesJweighJtheJfactualJnatureJofJcostJfiguresJvers
usJtheJrelevanceJofJfairJvalue.JInJgeneral,JcompaniesJuseJhistoricalJcost.JOnlyJinJsituationsJwhereJassetsJareJac
tivelyJtradedJdoJ companiesJapplyJtheJfairJvalueJprinciple.
LOJ 2,J BT:J C,J Difficulty:J Easy,J TOT:J 2J min.,J AACSB:J None,J AICPAJ FC:J Measurement,J AnalysisJ andJ InterpretationJ IMA:JReporting
7. TheJmonetaryJunitJassumptionJrequiresJthatJonlyJtransactionJdataJcapableJofJbeingJexpressedJinJtermsJofJmo
neyJbeJincludedJinJtheJaccountingJrecords.JThisJassumptionJenablesJaccountingJtoJquantifyJ(measure)Jecono
micJevents.
LOJ2,JBT:JK,JDifficulty:JEasy,JTOT:J2Jmin.,JAACSB:JNone,JAICPAJFC:JMeasurement,JAnalysisJandJInterpretationJ IMA:JReporting
Financial Accounting 11th Edition
By Jerry J. Weygandt, paul D. Kimmel
chapters 1 - 13 | Complete
,TABLE OF CONTENTS J J
Chapter 1. Accounting in Action
J J J J
Chapter 2. The Recording Process
J J J J
Chapter 3. Adjusting the Accounts
J J J J
Chapter 4. Completing the Accounting Cycle
J J J J J
Chapter 5. Accounting for Merchandising Operations
J J J J J
Chapter 6. Inventories
J J
Chapter 7. Fraud, Internal Control and Cash
J J J J J J
Chapter 8. Accounting for Receivables
J J J J
Chapter 9. Plant Assets, Natural Resources and Intangible Assets
J J J J J J J J
Chapter 10. Liabilities
J J
Chapter 11. Corporations: Organisations, Stock Transactions and Stockholders’ Equ
J J J J J J J J
ity
Chapter 12. Statement of Cash Flows
J J J J J
Chapter 13. Financial Analysis: The Big Picture
J J J J J J J
,CHAPTER 1
J
Accounting in Action
J J
ASSIGNMENT CLASSIFICATION TABLE
J J
BriefJExerci A
LearningJObjectives Questions ses DoJIt! Exercises Problems
1. 1,J2,J3,J4,J5 1 1,J2
IdentifyJtheJactivitiesJandJu
sersJassociatedJwithJaccou
nting.
2.JExplainJtheJbuildingJblocksJofJaccou 6,J7,J8,J9,J10 2 3,J4
nting:Jethics,Jprinciples,JandJassu
mptions.
3. 11,J12,J13,J14. 1,J2,J3,J4,J5 3 5
StateJtheJaccountingJequ 22
ation,JandJdefineJitsJcomp
onents.
4. 15,J16,J18 6,J7,J8,J9 4 6,J7,J8 1A,J2A,J4A,
AnalyzeJtheJeffectsJofJbusinessJ 5A
transactionsJonJtheJaccountingJ
equation.
5. 17,J19,J20,J21, 10,J11 5 8,J9,J10,J11, 2A,J3A,J4A,
DescribeJtheJfourJfinancialJstat 12,J13,J14,J15, 5A
ementsJandJhowJtheyJareJprepar 16,J17,J18
ed.
, ANSWERS TO QUESTIONS J J
1. True.JVirtuallyJeveryJorganizationJandJpersonJinJourJsocietyJusesJaccountingJinformation.JBusinesses,Jinvesto
rs,Jcreditors,JgovernmentJagencies,JandJnot-for-
profitJorganizationsJmustJuseJaccountingJinformationJtoJoperateJeffectively.
LOJ 1,J BT:J K,J Difficulty:J Easy,J TOT:J 2J min.,J AACSB:J None,J AICPAJ FC:J Reporting,J IMA:J Reporting
2. AccountingJisJtheJprocessJofJidentifying,Jrecording,JandJ communicatingJ theJeconomicJeventsJofJanJorganiza
tionJtoJinterestedJusersJofJtheJinformation.JTheJfirstJactivityJofJtheJaccountingJprocessJisJtoJidentifyJeconomicJ
eventsJthatJareJrelevantJtoJaJparticularJbusiness.JOnceJidentifiedJandJmeasured,JtheJeventsJareJrecordedJtoJp
rovideJaJhistoryJofJtheJfinancialJactivitiesJofJtheJorganization.JRecordingJconsistsJofJkeepingJaJchronologicalJdi
aryJofJtheseJmeasuredJeventsJinJanJorderlyJandJsystematicJmanner.JTheJinformationJisJcommunicatedJthroug
hJtheJpreparationJandJdistributionJofJaccountingJ reports,J theJ mostJ commonJ ofJ whichJareJ calledJfinancialJ
statements.JAJvitalJelementJinJtheJcommunicationJprocessJisJtheJaccountant’sJabilityJandJresponsibilityJtoJana
lyzeJandJinterpretJtheJreportedJinformation.
LOJ 1,J BT:J K,J Difficulty:J Easy,J TOT:J 2J min.,J AACSB:J None,J AICPAJ FC:J Reporting,J IMA:J Reporting
3. (a)JInternalJusersJareJthoseJwhoJplan,Jorganize,JandJrunJtheJbusinessJandJthereforeJareJofficersJandJotherJdec
isionJmakers.
(b) ToJassistJmanagement,JaccountingJprovidesJinternalJreports.JExamplesJincludeJfinancialJcomparisonsJo
fJoperatingJalternatives,JprojectionsJofJ incomeJfromJnewJsalesJ campaigns,JandJforecastsJofJ cashJneedsJ
forJtheJnextJyear.
LOJ 1,J BT:J K,J Difficulty:J Easy,J TOT:J 2J min.,J AACSB:J None,J AICPAJ FC:J Reporting,J IMA:J Reporting
4. (a) InvestorsJ(owners)JuseJaccountingJinformationJtoJmakeJdecisionsJtoJbuy,Jhold,JorJsellJstock.
(b) CreditorsJuseJaccountingJinformationJtoJevaluateJtheJrisksJofJgrantingJcreditJorJlendingJmoney.
LOJ 1,J BT:J K,J Difficulty:J Easy,J TOT:J 2J min.,J AACSB:J None,J AICPAJ FC:J Reporting,J IMA:J Reporting
5. False.JBookkeepingJusuallyJinvolvesJonlyJtheJrecordingJofJeconomicJeventsJandJthereforeJisJjustJoneJpartJofJt
heJentireJaccountingJprocess.JAccounting,JonJtheJotherJhand,JinvolvesJtheJentireJprocessJofJidentifying,Jrecor
ding,JandJcommunicatingJeconomicJevents.
LOJ 1,J BT:J C,J Difficulty:J Easy,J TOT:J 2J min.,J AACSB:J None,J AICPAJ FC:J Reporting,J IMA:J Reporting
6. HarperJTravelJAgencyJshouldJreportJtheJlandJatJ$85,000JonJitsJDecemberJ31,J 2022J balanceJsheet.JThisJisJtrue
JnotJonlyJatJtheJtimeJtheJlandJisJpurchased,JbutJalsoJoverJtheJtimeJtheJlandJisJheld.JInJdeterminingJwhichJmeas
urementJprincipleJtoJuseJ(historicalJcostJorJfairJvalue)JcompaniesJweighJtheJfactualJnatureJofJcostJfiguresJvers
usJtheJrelevanceJofJfairJvalue.JInJgeneral,JcompaniesJuseJhistoricalJcost.JOnlyJinJsituationsJwhereJassetsJareJac
tivelyJtradedJdoJ companiesJapplyJtheJfairJvalueJprinciple.
LOJ 2,J BT:J C,J Difficulty:J Easy,J TOT:J 2J min.,J AACSB:J None,J AICPAJ FC:J Measurement,J AnalysisJ andJ InterpretationJ IMA:JReporting
7. TheJmonetaryJunitJassumptionJrequiresJthatJonlyJtransactionJdataJcapableJofJbeingJexpressedJinJtermsJofJmo
neyJbeJincludedJinJtheJaccountingJrecords.JThisJassumptionJenablesJaccountingJtoJquantifyJ(measure)Jecono
micJevents.
LOJ2,JBT:JK,JDifficulty:JEasy,JTOT:J2Jmin.,JAACSB:JNone,JAICPAJFC:JMeasurement,JAnalysisJandJInterpretationJ IMA:JReporting
