Accounting Principles (12th Edition) – Weygandt, Kimmel & Kieso – Comprehensive Study Summary and Exam-Ready Notes

Accounting Principles, 12th Edition Weygandt Kimmel Kieso
Solutions Manual

CHAPTER 1
Accounting in Action

ASSIGNMENT CLASSIFICATION TABLE

Brief A
Learning Objectives Questions Exercises Do It! Exercises Problems




1. Identify the activities and 1, 2, 3, 4, 5 1 1, 2
users associated with accounting.


Explain the building blocks of 6, 7, 8, 9, 10
2. accounting: ethics, principles, and 2 3, 4
assumptions.


State the accounting 11, 12, 13, 22 1, 2, 3, 4, 5, 8
3. equation, and define its 3, 5 5
components. 1A, 2A 4A


Analyze the effects of 14, 15, 16, 18 6, 7, 9
4. business transactions on the accounting equation. 4 6, 7, 8
1A, 2A, 4A,
5A
Describe the four financial 17, 19, 20, 21 10, 11
statements and how they are prepared.
5. 5
9, 10, 11, 12, 2A, 3A, 4A,
13, 14, 15, 16 5A

,ASSIGNMENT CHARACTERISTICS TABLE

Problem Difficulty Time Allotted
Number Description Level (min.)



1A Analyze transactions and compute net income. Moderate 40–50

2A Analyze transactions and prepare income statement, Moderate 50–60
owner’s equity statement, and balance sheet.


3A Prepare income statement, owner’s equity statement, and Moderate 50–60
balance sheet.

4A Analyze transactions and prepare financial statements. Moderate 40–50

5A Determine financial statement amounts and prepare Moderate 40–50
owner’s equity statement.




WEYGANDT ACCOUNTING PRINCIPLES 12E CHAPTER 1
ACCOUNTING IN ACTION


Number LO BT Difficulty Time (min.)


BE1 3 AP Simple 2–4
BE2 3 AP Simple 3–5
BE3 3 AP Moderate 4–6
BE4 3 AP Moderate 4–6

,BE5 3 C Simple 2–4
BE6 4 C Simple 2–4
BE7 4 C Simple 2–4
BE8 3 C Simple 2–4
BE9 4 C Simple 1–2
BE10 5 AP Simple 3–5
BE11 5 C Simple 2–4
DI1 1 K Simple 2–4
DI2 2 K Simple 2–4
DI3 3 AP Simple 6–8
DI4 4 AP Moderate 8–10
DI5 3, 5 AP Moderate 10–12
EX1 1 C Moderate 5–7
EX2 1 C Simple 6–8
EX3 2 C Moderate 6–8
EX4 2 C Moderate 6–8
EX5 3 C Simple 4–6
EX6 4 C Simple 6–8
EX7 4 C Simple 4–6
EX8 4 AP Moderate 12–15

, X9 5 AP Simple 12–15
EX10 5 AP Moderate 8–10
EX11 5 AP Moderate 6–8
EX12 5 AP Simple 8–10
EX13 5 AN Simple 8–10
EX14 5 AP Simple 10–12
EX15 5 AP Simple 6–8
EX16 5 AP Moderate 6–8




ACCOUNTING IN ACTION (Continued)


Number LO BT Difficulty Time (min.)


P1A 3, 4 AP Moderate 40–50
P2A 3–5 AP Moderate 50–60
P3A 5 AP Moderate 50–60
P4A 3–5 AP Moderate 40–50
P5A 4, 5 AP Moderate 40–50




Learning Objective Knowledge Comprehension Application Analysis Synthesis Evaluation