ACCOUNTING PRINCIPLES 9TH EDITION
CANADIAN VOLUME 2 JERRY WEYGANDT
DONALD KIESO PAUL KIMMEL TRENHOLM
SOLUTIONS MANUAL PRACTICE SCRIPT
UPDATED 2026 TESTED SOLUTIONS
⫸ Accounting Answer: Consists of three basic activities—it identifies,
records, and communicates the economic events of an organization to
interested users.
⫸ The 3 basic activities of accounting Answer: Identify, record and
communicate the economic events of an organization
⫸ Identify Answer: The starting point to the accounting process that
observes the economic events relevant to a business.
⫸ Economic Events Answer: Sale of goods, provision of services,
payment of expenses and liabilities
⫸ Recording Answer: Consists of keeping a systematic, chronological
diary of events, measured in dollars and cents.
⫸ Communication Answer: The economic activity that consists of
presenting the collected information to interested users by means of
accounting reports
, ⫸ Financial Statements Answer: A form of reporting recorded financial
data, in aggregate, in a standardized way to make reported financial
information meaning or useful
⫸ The Four Financial Statements Answer: Income Statement, Owner's
Equity Statement, Balance Sheet, and Statement of Cash Flows
⫸ Analysis Answer: Involves the use of ratios , percentages, graphs,
and charts to highlight significant financial trends and relationships
⫸ Interpretation Answer: Involves Explaining the uses, meaning, and
limitations of reported data
⫸ Bookkeeping Answer: Usually involves only the recording of
economic events, therefore it is just one part of the accounting process
⫸ Accounting Answer: Involves the entire process of identifying,
recording, and communicating economic events
⫸ Internal Users Answer: Internal users of accounting information who
must answer many important questions relevant to the function of their
business
⫸ External Users Answer: Individuals and organizations outside a
company who want financial information about the company
CANADIAN VOLUME 2 JERRY WEYGANDT
DONALD KIESO PAUL KIMMEL TRENHOLM
SOLUTIONS MANUAL PRACTICE SCRIPT
UPDATED 2026 TESTED SOLUTIONS
⫸ Accounting Answer: Consists of three basic activities—it identifies,
records, and communicates the economic events of an organization to
interested users.
⫸ The 3 basic activities of accounting Answer: Identify, record and
communicate the economic events of an organization
⫸ Identify Answer: The starting point to the accounting process that
observes the economic events relevant to a business.
⫸ Economic Events Answer: Sale of goods, provision of services,
payment of expenses and liabilities
⫸ Recording Answer: Consists of keeping a systematic, chronological
diary of events, measured in dollars and cents.
⫸ Communication Answer: The economic activity that consists of
presenting the collected information to interested users by means of
accounting reports
, ⫸ Financial Statements Answer: A form of reporting recorded financial
data, in aggregate, in a standardized way to make reported financial
information meaning or useful
⫸ The Four Financial Statements Answer: Income Statement, Owner's
Equity Statement, Balance Sheet, and Statement of Cash Flows
⫸ Analysis Answer: Involves the use of ratios , percentages, graphs,
and charts to highlight significant financial trends and relationships
⫸ Interpretation Answer: Involves Explaining the uses, meaning, and
limitations of reported data
⫸ Bookkeeping Answer: Usually involves only the recording of
economic events, therefore it is just one part of the accounting process
⫸ Accounting Answer: Involves the entire process of identifying,
recording, and communicating economic events
⫸ Internal Users Answer: Internal users of accounting information who
must answer many important questions relevant to the function of their
business
⫸ External Users Answer: Individuals and organizations outside a
company who want financial information about the company
