Solution Manual For Financial Accounting 11th Edition by Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso / Latest & Updated Version 2026

SOLUTION MANUAL x




Financial Accounting 11th Edition
x x x




by Jerry J. Weygandt, Paul D. Kimmel Chapters 1
x x x x x x x x




- 13 | Complete
x x x x

,TABLEOFCONTENTS
Chapter 1. Accounting in Action
x x x x




Chapter 2. The Recording Process
x x x x x




Chapter3.Adjusting theAccounts
x x x x x




Chapter 4. Completing the Accounting Cycle
x x x x x




Chapter 5. Accounting for Merchandising Operations
x x x x x




Chapter 6. Inventories
x x x




Chapter7. Fraud, InternalControl andCash
x x x x x x




Chapter 8. Accounting for Receivables
x x x x x




Chapter9.PlantAssets,NaturalResourcesandIntangible Assets
x x x x x x x x




Chapter 10. Liabilities
x x x




Chapter 11. Corporations: Organisations, Stock Transactions and Stockholders’ Eq uity
x x x x x x x x x




Chapter12.Statement ofCash Flows
x x x x x




Chapter13. Financial Analysis:The Big Picture
x x x x x x

,CHAPTER1
x




Accounting in Action x x




ASSIGNMENT CLASSIFICATION TABLE x x




Brief Exercix A
Learning Objectivesx Questions ses Do It!
x Exercises Problems

1. 1, 2, 3, 4, 5
x x x x 1 1, 2x


Identify the activities and
x x x


x users associated with acco
x x x


x unting.

2. Explain the building blocks of acco
x x x x x x 6, 7, 8, 9, 10
x x x x 2 3, 4x


unting: ethics, principles,and
x x x


as sumptions.
x x




3. 11, 12, 13, 14.
x x x 1, 2, 3, 4, 5
x x x x 3 5
State the accounting eq
x x x 22
x uation, and define itsco
x x x


x mponents.

4. 15, 16, 18
x x 6, 7, 8, 9
x x x 4 6, 7, 8
x x 1A, 2A, 4A,
x x


Analyze the effects of busines
x x x x 5A
x s transactions on theaccountin
x x x


x g equation.
x



5. 17, 19, 20, 21,
x x x 10, 11x 5 8, 9, 10, 11,
x x x 2A, 3A, 4A,
x x

Describe the four financial stat
x x x x
12, 13, 14, 15,
x x x 5A
x ements and how they areprep
x x x x
16, 17, 18
x x

x ared.

, ANSWERSTOQUESTIONS x x




1. True. Virtually every organization and person in our society uses accounting information. Businesses, inve
x x x x x x x x x x x x x


stors, creditors, government agencies, and not-for-
x x x x x x


profit organizations must use accounting information to operate effectively.
x x x x x x x x


LO x 1, x BT: x K, x Difficulty: x Easy, x TOT: x 2 x min., x AACSB: x None, x AICPA x FC: x Reporting, x IMA: x Reporting


2. Accounting is the process of identifying, recording, and communicating the economic events of an
x x x x x x x x x x x x x


organ ization to interested users of the information. The first activity of the accounting process is to
x x x x x x x x x x x x x x x x x


identify eco nomic events that are relevant to a particular business. Once identified and measured, the
x x x x x x x x x x x x x x x x


events are rec orded to provide a history of the financial activities of the organization. Recording consists
x x x x x x x x x x x x x x x x x


of keeping a c hronological diary of these measured events in anorderly and systematic manner. The
x x x x x x x x x x x x x x x x


information is com municated through the preparation and distribution of accounting reports, the
x x x x x x x x x x x x x


xmost common of whic h are called financial statements.A vital element in the communication
x x x x x x x x x x x x x


process is the accountant’s ability and responsibility to analyze and interpret the reported information.
x x x x x x x x x x x x x x


LO x 1, x BT: x K, x Difficulty: x Easy, x TOT: x 2 x min., x AACSB: x None, x AICPA x FC: x Reporting, x IMA: x Reporting


3. (a) Internal users are those who plan, organize, and run the business and therefore are officers and other
x x x x x x x x x x x x x x x x x


decision makers.
x x


(b) To assist management, accounting provides internal reports. Examples include financial
x x x x x x x x x x


comparison s of operating alternatives, projections of income from new sales campaigns,and
x x x x x x x x x x x x


forecasts of cash needs for the next year.
x x x x x x x x


LO x 1, x BT: x K, x Difficulty: x Easy, x TOT: x 2 x min., x AACSB: x None, x AICPA x FC: x Reporting, x IMA: x Reporting


4. (a) Investors (owners) use accounting information to make decisions to buy, hold, or sell stock.
x x x x x x x x x x x x x x x


(b) Creditors2use accounting information to evaluate the risks of granting credit or lending money. x x x x x x x x x x x x


LO x 1, x BT: x K, x Difficulty: x Easy, x TOT: x 2 x min., x AACSB: x None, x AICPA x FC: x Reporting, x IMA: x Reporting


5. False. Bookkeeping usually involves only the recording of economic events and therefore is just one part
x x x x x x x x x x x x x x x


xof the entire accounting process. Accounting, on the other hand, involves the entire process of
x x x x x x x x x x x x x x


xidentifying
, recording, and communicating economic events.
x x x x x


LO x 1, x BT: x C, x Difficulty: x Easy, x TOT: x 2 x min., x AACSB: x None, x AICPA2 xFC: x Reporting, x IMA: x Reporting


6. Harper Travel Agency should report the land at $85,000 on its December 31, 2022 balance sheet. This is
x x x x x x x x x x x x x x x x x


true not only at the time the land is purchased, but also over the time the land is held. In determining
x x x x x x x x x x x x x x x x x x x x x


whi ch measurement principle to use (historical cost or fair value) companies weigh the factual nature of
x x x x x x x x x x x x x x x x x


cost figures versus the relevance of fair value. In general, companies use historical cost. Only in
x x x x x x x x x x x x x x x x


situations whe re assets are actively traded do companies apply the fair value principle.
x x x x x x x x x x x x x x


LO x 2, x BT: x C, x Difficulty: x Easy, x TOT: x 2 x min., x AACSB: x None, x AICPA x FC: x Measurement, x Analysis x and x Interpretation x IMA: x Reporting


7. The monetary unit assumption requires that only transaction data capable of being expressed in terms of
x x x x x x x x x x x x x x x


money be included in the accounting records. This assumption enables accounting to quantify
x x x x x x x x x x x x x


(measure) economic events.
x x x


LO x 2, x BT: x K, x Difficulty: x Easy, x TOT: x 2 x min., x AACSB: x None, x AICPA x FC: x Measurement, x Analysis x and x Interpretation x IMA:Reporting