Weygandt, Kieso, Kimmel, Trenholm, Warren, Novak Accounting Principles, Seventh Canadian Edition
CHAPTER 1
Accounting in Action
ASSIGNMENT CLASSIFICATION TABLE
Brief Problems Problems
Learning Objectives Questions Exercises Exercises Set A Set B
N
1. Identify the use and 1, 2, 3 1 1, 2, 5 1 1
users of accounting
and the objective of
U
financial reporting.
2. Compare different 4 2 3, 2 2
R
forms of business
organization.
SE
3. Explain the building 5, 6, 7, 8, 3, 4, 5, 6 4, 5, 9, 10 2, 5, 7, 2, 5, 7, 11
blocks of accounting: 9, 10, 11 11
Solution
ethics and the Manual for Accounting Principles: Managerial Concepts, 7th Canadian Edition by
Jerry
concepts J. Weygandt
included in and Donald E. Kieso: Complete Step-by-Step Solutions
the conceptual
Empower your managerial accounting journey with this authoritative solution manual for
framework.
Accounting
4. Describe the Principles:
12, 13,Managerial
14. 7, 8, 9,Concepts,
6, 7, 7th
13 Canadian
3, 4, 6, Edition.
7, 3, 4,Crafted
6, 7, by Jerry J.
Weygandt and Donald E. Kieso, it delivers exhaustive, step-by-step solutions to all
D
components of the 15, 16 10, 11, 15 8, 11 8, 11
exercises,
financial statements problems, and cases—over 1,200 entries—across 20+ chapters. Unravel core
concepts:
and explain the cost-volume-profit analysis, budgeting/master budgets, variance investigations,
activity-based
accounting equation. costing, balanced scorecards, capital budgeting (NPV/IRR), performance
O
5. Analyzemetrics, andofethical
the effects decision 12,
17, 18 frameworks,
13, 14 5,all8,aligned
9, with
5, 7, 2026
8, CPA
6, 7,Canada
8, 9, standards on
sustainability
business transactions integration, digital analytics, and
10, 11,ESG reporting.
11 10, 11
on the Detailed
accountingexplanations include T-accounts,12, Excel
13 models, sensitivity analyses, and
C
real-world vignettes (e.g., Canadian retail chains), bridging theory to practice for CMA/CPA
equation.
prep. Ideal for undergrads, grad students, and instructors, this manual demystifies
6. Preparemanagerial
financial tools,19,
accelerates
20 homework,
14, 15, 16 9,and
14,sharpens
15, 6, 7,strategic
8, 9, 2,insight.
5, 7, 11From break-even
statements. 17, 18 16, 17 10, 11
points to ROI evaluations, harness Weygandt and Kieso's precision—transform challenges
S
into mastery and propel your accounting career forward!
Solutions Manual 1-1 Chapter 1
© 2016 John Wiley & Sons Canada, Ltd. Unauthorized copying, distribution, or transmission of this page is prohibited.
,Weygandt, Kieso, Kimmel, Trenholm, Warren, Novak Accounting Principles, Seventh Canadian Edition
ASSIGNMENT CHARACTERISTICS TABLE
Problem Difficulty Time
Number Description Level Allotted (min.)
1A Identify users and use of accounting information. Simple 15-20
2A Determine forms of business organization and Simple 15-20
types of accounting standards.
3A Determine missing items. Moderate 20-25
4A Classify accounts and prepare accounting Simple 20-30
N
equation.
5A Assess accounting treatment. Moderate 20-25
6A Analyze transactions and calculate owner’s equity. Simple 35-45
U
7A Analyze transactions and prepare balance sheet. Simple 40-50
8A Analyze transactions and prepare financial Moderate 40-50
statements.
R
9A Prepare financial statements. Simple 35-45
10A Determine missing amounts, and comment. Moderate 35-45
SE
11A Discuss errors and prepare corrected balance Moderate 45-55
sheet.
1B Identify users and use of accounting information. Simple 15-20
2B Determine forms of business organization and Simple 15-20
types of accounting standards.
3B Determine missing items. Moderate 20-25
D
4B Classify accounts and prepare accounting Simple 20-30
equation.
5B Assess accounting treatment. Moderate 20-25
O
6B Analyze transactions and calculate owner’s equity. Simple 35-45
7B Analyze transactions and prepare balance sheet. Simple 40-50
C
8B Analyze transactions and prepare financial Moderate 40-50
statements.
9B Prepare financial statements. Simple 35-45
S
10B Determine missing amounts, and comment. Moderate 35-45
11B Discuss errors and prepare corrected balance Moderate 45-55
sheet.
Solutions Manual 1-2 Chapter 1
© 2016 John Wiley & Sons Canada, Ltd. Unauthorized copying, distribution, or transmission of this page is prohibited.
,Weygandt, Kieso, Kimmel, Trenholm, Warren, Novak Accounting Principles, Seventh Canadian Edition
BLOOM’S TAXONOMY TABLE
Correlation Chart between Bloom’s Taxonomy, Learning Objectives and End-of-
Chapter Material
Evaluat
Learning Objective Knowledge Comprehension Application Analysis Synthesis ion
1. Identify the use and Q1-3 Q1-1 P1-1A
users of accounting BE1-1 Q1-2 P1-1B
and the objective of E1-5 E1-1
financial reporting. E1-2
N
2. Compare different Q1-4 P1-2A
forms of business BE1-2 P1-2B
organization . BE1-4 P1-11B
U
BE1-10
E1-3
E1-7
3. Explain the building Q1-6 Q1-5 P1-2A BE1-3
R
blocks of accounting: Q1-7 Q1-8 P1-2B
ethics and the E1-5 Q1-9 P1-3A
concepts included in Q1-10 P1-3B
the conceptual Q1-11 P1-7A
SE
framework. BE1-4 P1-7B
BE1-5 P1-11A
BE1-6 P1-11B
E1-4
E1-9
E1-10
P1-5A
P1-5B
D
4. Describe the Q1-12 BE1-7 BE1-8
components of the Q1-13 BE1-9
financial statements Q1-14 BE1-10
and explain the Q1-16 BE1-14
O
accounting equation. BE1-11 BE1-15
E1-6
E1-7
E1-13
P1-4A
C
P1-4B
P1-6A
P1-6B
P1-7A
S
P1-7B
P1-8A
P1-8B
P1-11A
P1-11B
Solutions Manual 1-3 Chapter 1
© 2016 John Wiley & Sons Canada, Ltd. Unauthorized copying, distribution, or transmission of this page is prohibited.
, Weygandt, Kieso, Kimmel, Trenholm, Warren, Novak Accounting Principles, Seventh Canadian Edition
BLOOM‘S TAXONOMY TABLE (Continued)
Evaluat
Learning Objective Knowledge Comprehension Application Analysis Synthesis ion
5. Analyze the effects Q1-19 Q1-17 Q1-18
of business E1-5 Q1-20 BE1-12
transactions on the E1-8 BE1-13
accounting equation. E1-9 BE1-14
E1-10 E1-12
E1-11 E1-13
P1-5A P1-7A
P1-5B P1-7B
N
P1-8A
P1-8B
P1-11A
P1-11B
6. Prepare financial Q1-19 BE1-15 P1-10A
U
statements. Q1-20 BE1-16 P1-10B
E1-9 BE1-17
BE1-18
E1-14
R
E1-15
E1-16
E1-17
P1-6A
SE
P1-6B
P1-7A
P1-7B
P1-8A
P1-8B
P1-9A
P1-9B
P1-11A
P1-11B
D
Broadening Your BYP1-1 Santé Saga BYP1-3 BYP1-4 BYP1-2
Perspective BYP1- 6 BYP1-5
O
C
S
Solutions Manual 1-4 Chapter 1
© 2016 John Wiley & Sons Canada, Ltd. Unauthorized copying, distribution, or transmission of this page is prohibited.
CHAPTER 1
Accounting in Action
ASSIGNMENT CLASSIFICATION TABLE
Brief Problems Problems
Learning Objectives Questions Exercises Exercises Set A Set B
N
1. Identify the use and 1, 2, 3 1 1, 2, 5 1 1
users of accounting
and the objective of
U
financial reporting.
2. Compare different 4 2 3, 2 2
R
forms of business
organization.
SE
3. Explain the building 5, 6, 7, 8, 3, 4, 5, 6 4, 5, 9, 10 2, 5, 7, 2, 5, 7, 11
blocks of accounting: 9, 10, 11 11
Solution
ethics and the Manual for Accounting Principles: Managerial Concepts, 7th Canadian Edition by
Jerry
concepts J. Weygandt
included in and Donald E. Kieso: Complete Step-by-Step Solutions
the conceptual
Empower your managerial accounting journey with this authoritative solution manual for
framework.
Accounting
4. Describe the Principles:
12, 13,Managerial
14. 7, 8, 9,Concepts,
6, 7, 7th
13 Canadian
3, 4, 6, Edition.
7, 3, 4,Crafted
6, 7, by Jerry J.
Weygandt and Donald E. Kieso, it delivers exhaustive, step-by-step solutions to all
D
components of the 15, 16 10, 11, 15 8, 11 8, 11
exercises,
financial statements problems, and cases—over 1,200 entries—across 20+ chapters. Unravel core
concepts:
and explain the cost-volume-profit analysis, budgeting/master budgets, variance investigations,
activity-based
accounting equation. costing, balanced scorecards, capital budgeting (NPV/IRR), performance
O
5. Analyzemetrics, andofethical
the effects decision 12,
17, 18 frameworks,
13, 14 5,all8,aligned
9, with
5, 7, 2026
8, CPA
6, 7,Canada
8, 9, standards on
sustainability
business transactions integration, digital analytics, and
10, 11,ESG reporting.
11 10, 11
on the Detailed
accountingexplanations include T-accounts,12, Excel
13 models, sensitivity analyses, and
C
real-world vignettes (e.g., Canadian retail chains), bridging theory to practice for CMA/CPA
equation.
prep. Ideal for undergrads, grad students, and instructors, this manual demystifies
6. Preparemanagerial
financial tools,19,
accelerates
20 homework,
14, 15, 16 9,and
14,sharpens
15, 6, 7,strategic
8, 9, 2,insight.
5, 7, 11From break-even
statements. 17, 18 16, 17 10, 11
points to ROI evaluations, harness Weygandt and Kieso's precision—transform challenges
S
into mastery and propel your accounting career forward!
Solutions Manual 1-1 Chapter 1
© 2016 John Wiley & Sons Canada, Ltd. Unauthorized copying, distribution, or transmission of this page is prohibited.
,Weygandt, Kieso, Kimmel, Trenholm, Warren, Novak Accounting Principles, Seventh Canadian Edition
ASSIGNMENT CHARACTERISTICS TABLE
Problem Difficulty Time
Number Description Level Allotted (min.)
1A Identify users and use of accounting information. Simple 15-20
2A Determine forms of business organization and Simple 15-20
types of accounting standards.
3A Determine missing items. Moderate 20-25
4A Classify accounts and prepare accounting Simple 20-30
N
equation.
5A Assess accounting treatment. Moderate 20-25
6A Analyze transactions and calculate owner’s equity. Simple 35-45
U
7A Analyze transactions and prepare balance sheet. Simple 40-50
8A Analyze transactions and prepare financial Moderate 40-50
statements.
R
9A Prepare financial statements. Simple 35-45
10A Determine missing amounts, and comment. Moderate 35-45
SE
11A Discuss errors and prepare corrected balance Moderate 45-55
sheet.
1B Identify users and use of accounting information. Simple 15-20
2B Determine forms of business organization and Simple 15-20
types of accounting standards.
3B Determine missing items. Moderate 20-25
D
4B Classify accounts and prepare accounting Simple 20-30
equation.
5B Assess accounting treatment. Moderate 20-25
O
6B Analyze transactions and calculate owner’s equity. Simple 35-45
7B Analyze transactions and prepare balance sheet. Simple 40-50
C
8B Analyze transactions and prepare financial Moderate 40-50
statements.
9B Prepare financial statements. Simple 35-45
S
10B Determine missing amounts, and comment. Moderate 35-45
11B Discuss errors and prepare corrected balance Moderate 45-55
sheet.
Solutions Manual 1-2 Chapter 1
© 2016 John Wiley & Sons Canada, Ltd. Unauthorized copying, distribution, or transmission of this page is prohibited.
,Weygandt, Kieso, Kimmel, Trenholm, Warren, Novak Accounting Principles, Seventh Canadian Edition
BLOOM’S TAXONOMY TABLE
Correlation Chart between Bloom’s Taxonomy, Learning Objectives and End-of-
Chapter Material
Evaluat
Learning Objective Knowledge Comprehension Application Analysis Synthesis ion
1. Identify the use and Q1-3 Q1-1 P1-1A
users of accounting BE1-1 Q1-2 P1-1B
and the objective of E1-5 E1-1
financial reporting. E1-2
N
2. Compare different Q1-4 P1-2A
forms of business BE1-2 P1-2B
organization . BE1-4 P1-11B
U
BE1-10
E1-3
E1-7
3. Explain the building Q1-6 Q1-5 P1-2A BE1-3
R
blocks of accounting: Q1-7 Q1-8 P1-2B
ethics and the E1-5 Q1-9 P1-3A
concepts included in Q1-10 P1-3B
the conceptual Q1-11 P1-7A
SE
framework. BE1-4 P1-7B
BE1-5 P1-11A
BE1-6 P1-11B
E1-4
E1-9
E1-10
P1-5A
P1-5B
D
4. Describe the Q1-12 BE1-7 BE1-8
components of the Q1-13 BE1-9
financial statements Q1-14 BE1-10
and explain the Q1-16 BE1-14
O
accounting equation. BE1-11 BE1-15
E1-6
E1-7
E1-13
P1-4A
C
P1-4B
P1-6A
P1-6B
P1-7A
S
P1-7B
P1-8A
P1-8B
P1-11A
P1-11B
Solutions Manual 1-3 Chapter 1
© 2016 John Wiley & Sons Canada, Ltd. Unauthorized copying, distribution, or transmission of this page is prohibited.
, Weygandt, Kieso, Kimmel, Trenholm, Warren, Novak Accounting Principles, Seventh Canadian Edition
BLOOM‘S TAXONOMY TABLE (Continued)
Evaluat
Learning Objective Knowledge Comprehension Application Analysis Synthesis ion
5. Analyze the effects Q1-19 Q1-17 Q1-18
of business E1-5 Q1-20 BE1-12
transactions on the E1-8 BE1-13
accounting equation. E1-9 BE1-14
E1-10 E1-12
E1-11 E1-13
P1-5A P1-7A
P1-5B P1-7B
N
P1-8A
P1-8B
P1-11A
P1-11B
6. Prepare financial Q1-19 BE1-15 P1-10A
U
statements. Q1-20 BE1-16 P1-10B
E1-9 BE1-17
BE1-18
E1-14
R
E1-15
E1-16
E1-17
P1-6A
SE
P1-6B
P1-7A
P1-7B
P1-8A
P1-8B
P1-9A
P1-9B
P1-11A
P1-11B
D
Broadening Your BYP1-1 Santé Saga BYP1-3 BYP1-4 BYP1-2
Perspective BYP1- 6 BYP1-5
O
C
S
Solutions Manual 1-4 Chapter 1
© 2016 John Wiley & Sons Canada, Ltd. Unauthorized copying, distribution, or transmission of this page is prohibited.
