Accounting Principles
14th Edition
ST
UV
SOLUTIONS
IA
MANUAL
_A
PP
Jerry J. Weygandt
Paul D. Kimmel
Jill E. Mitchell
RO
────────────────────────────────────────────────────
Comprehensive Solutions Manual for Instructors
VE
and Students
© Jerry J. Weygandt, Paul D. Kimmel & Jill E. Mitchell.
D?
All rights reserved. Reproduction or distribution without permission is prohibited.
?
© Successhands
, Solutions Manual for Accounting Principles (14th Edition)
Jerry J. Weygandt, Paul D. Kimmel & Jill E. Mitchell
Chapter 1. Accounting in Action
Chapter 2. The Recording Process
ST
Chapter 3. Adjusting the Accounts
Chapter 4. Completing the Accounting Cycle
Chapter 5. Accounting for Merchandising Operations
UV
Chapter 6. Inventories
Chapter 7. Accounting Information Systems
Chapter 8. Fraud, Internal Control, and Cash
IA
Chapter 9. Accounting for Receivables
Chapter 10. Plant Assets, Natural Resources, and Intangible Assets
_A
Chapter 11. Current Liabilities and Payroll Accounting
Chapter 12. Accounting for Partnerships
Chapter 13. Corporations: Organization and Capital Stock Transactions
PP
Chapter 14. Corporations: Dividends, Retained Earnings, and Income Reporting
Chapter 15. Long-Term Liabilities
RO
Chapter 16. Investments
Chapter 17. Statement of Cash Flows
Chapter 18. Financial Analysis: The Big Picture
VE
Chapter 19. Managerial Accounting
Chapter 20. Job Order Costing
Chapter 21. Process Costing
D?
Chapter 22. Cost-Volume-Profit
Chapter 23. Incremental Analysis
Chapter 24. Budgetary Planning
?
Chapter 25. Budgetary Control and Responsibility Accounting
Chapter 26. Standard Costs and Balanced Scorecard
Chapter 27. Planning for Capital Investments
© Successhands
, SOLUTION MANUAL Full_
FOR ACCOUNTING
PRINCIPLES 14TH EDITION
Solution BYfor
Manual JELLY J.
WEYGANDT, PAUL D. KIMMEL
ST
Accounting Principles 14th Edition Jerry J.
Weygandt, Paul D. Kimmel, Jill E. Mitchell
UV
With Appendix g,h
CHAPTER 1
Accounting in Action
IA
Learning Objectives
_A
1. Identify the activities and users associated with accounting.
2. Explain the building blocks of accounting: ethics, principles, and
assumptions.
PP
3. State the accounting equation, and define its components.
4. Analyze the effects of business transactions on the accounting equation.
5. Describe the four financial statements and how they are prepared.
RO
*6. Explain the career opportunities in accounting.
*Note: All asterisked Questions, Brief Exercises, Exercises, and Problems relate to material
contained in the appendix*to the chapter.
VE
D?
?
Copyright © 2021 WILEY Weygandt, Accounting Principles, 14/e, Solutions Manual (For Instructor Use Only) 1-1
, ANSWERS TO QUESTIONS
1. This is true. Virtually every organization and person in our society uses accounting information.
Businesses, investors, creditors, government agencies, and not-for-profit organizations must use
accounting information to operate effectively.
LO1 BT: C Difficulty: Easy TOT: 2 min. AACSB: None AICPA FC: Reporting
ST
2. Accounting is the process of identifying, recording, and communicating the economic events of
an organization to interested users of the information. The first activity of the accounting process
is to identify economic events that are relevant to a particular business. Once identified and
measured, the events are recorded to provide a history of the financial activities of the
organization. Recording consists of keeping a chronological diary of these measured events in an
UV
orderly and systematic manner. The information is communicated through the preparation and
distribution of accounting reports, the most common of which are called financial statements.
A vital element in the communication process is the accountant’s ability and responsibility to
analyze and interpret the reported information.
LO1 BT: C Difficulty: Easy TOT: 4 min. AACSB: None AICPA FC: Reporting
IA
3. (a) Internal users are those who plan, organize, and run the business and therefore are officers
and other decision makers.
(b) To assist management, managerial accounting provides internal reports. Examples include
financial comparisons of operating alternatives, projections of income from new sales
_A
campaigns, and forecasts of cash needs for the next year.
LO1 BT: C Difficulty: Easy TOT: 2 min. AACSB: None AICPA FC: Reporting
4. (a) Investors (owners) use accounting information to make decisions to buy, hold, or sell owner-
ship shares of a company.
(b) Creditors use accounting information to evaluate the risks of granting credit or lending money.
PP
LO1 BT: C Difficulty: Easy TOT: 2 min. AACSB: None AICPA FC: Reporting
5. This is false. Bookkeeping usually involves only the recording of economic events and therefore is
just one part of the entire accounting process. Accounting, on the other hand, involves the entire
process of identifying, recording, and communicating economic events.
RO
LO1 BT: C Difficulty: Easy TOT: 2 min. AACSB: None AICPA FC: Reporting
6. Benton Travel Agency should report the land at $90,000 on its December 31, 2022 balance
sheet. This is true not only at the time the land is purchased, but also over the time the land is
held. In determining which measurement principle to use (historical cost or fair value) companies
weigh the factual nature of cost figures versus the relevance of fair value. In general, companies
use historical cost. Only in situations where assets are actively traded do companies apply the
VE
fair value principle.
LO2 BT: C Difficulty: Easy TOT: 4 min. AACSB: None AICPA FC: Reporting
7. The monetary unit assumption requires that only transaction data that can be expressed in terms
of money be included in the accounting records. This assumption enables accounting to quantify
D?
(measure) economic events.
LO2 BT: K Difficulty: Easy TOT: 2 min. AACSB: None AICPA FC: Reporting
8. The economic entity assumption requires that the activities of the entity be kept separate and
distinct from the activities of its owners and all other economic entities.
LO2 BT: K Difficulty: Easy TOT: 2 min. AACSB: None AICPA FC: Reporting
?
1-2 Copyright © 2021 WILEY Weygandt, Accounting Principles, 14/e, Solutions Manual (For Instructor Use Only)
14th Edition
ST
UV
SOLUTIONS
IA
MANUAL
_A
PP
Jerry J. Weygandt
Paul D. Kimmel
Jill E. Mitchell
RO
────────────────────────────────────────────────────
Comprehensive Solutions Manual for Instructors
VE
and Students
© Jerry J. Weygandt, Paul D. Kimmel & Jill E. Mitchell.
D?
All rights reserved. Reproduction or distribution without permission is prohibited.
?
© Successhands
, Solutions Manual for Accounting Principles (14th Edition)
Jerry J. Weygandt, Paul D. Kimmel & Jill E. Mitchell
Chapter 1. Accounting in Action
Chapter 2. The Recording Process
ST
Chapter 3. Adjusting the Accounts
Chapter 4. Completing the Accounting Cycle
Chapter 5. Accounting for Merchandising Operations
UV
Chapter 6. Inventories
Chapter 7. Accounting Information Systems
Chapter 8. Fraud, Internal Control, and Cash
IA
Chapter 9. Accounting for Receivables
Chapter 10. Plant Assets, Natural Resources, and Intangible Assets
_A
Chapter 11. Current Liabilities and Payroll Accounting
Chapter 12. Accounting for Partnerships
Chapter 13. Corporations: Organization and Capital Stock Transactions
PP
Chapter 14. Corporations: Dividends, Retained Earnings, and Income Reporting
Chapter 15. Long-Term Liabilities
RO
Chapter 16. Investments
Chapter 17. Statement of Cash Flows
Chapter 18. Financial Analysis: The Big Picture
VE
Chapter 19. Managerial Accounting
Chapter 20. Job Order Costing
Chapter 21. Process Costing
D?
Chapter 22. Cost-Volume-Profit
Chapter 23. Incremental Analysis
Chapter 24. Budgetary Planning
?
Chapter 25. Budgetary Control and Responsibility Accounting
Chapter 26. Standard Costs and Balanced Scorecard
Chapter 27. Planning for Capital Investments
© Successhands
, SOLUTION MANUAL Full_
FOR ACCOUNTING
PRINCIPLES 14TH EDITION
Solution BYfor
Manual JELLY J.
WEYGANDT, PAUL D. KIMMEL
ST
Accounting Principles 14th Edition Jerry J.
Weygandt, Paul D. Kimmel, Jill E. Mitchell
UV
With Appendix g,h
CHAPTER 1
Accounting in Action
IA
Learning Objectives
_A
1. Identify the activities and users associated with accounting.
2. Explain the building blocks of accounting: ethics, principles, and
assumptions.
PP
3. State the accounting equation, and define its components.
4. Analyze the effects of business transactions on the accounting equation.
5. Describe the four financial statements and how they are prepared.
RO
*6. Explain the career opportunities in accounting.
*Note: All asterisked Questions, Brief Exercises, Exercises, and Problems relate to material
contained in the appendix*to the chapter.
VE
D?
?
Copyright © 2021 WILEY Weygandt, Accounting Principles, 14/e, Solutions Manual (For Instructor Use Only) 1-1
, ANSWERS TO QUESTIONS
1. This is true. Virtually every organization and person in our society uses accounting information.
Businesses, investors, creditors, government agencies, and not-for-profit organizations must use
accounting information to operate effectively.
LO1 BT: C Difficulty: Easy TOT: 2 min. AACSB: None AICPA FC: Reporting
ST
2. Accounting is the process of identifying, recording, and communicating the economic events of
an organization to interested users of the information. The first activity of the accounting process
is to identify economic events that are relevant to a particular business. Once identified and
measured, the events are recorded to provide a history of the financial activities of the
organization. Recording consists of keeping a chronological diary of these measured events in an
UV
orderly and systematic manner. The information is communicated through the preparation and
distribution of accounting reports, the most common of which are called financial statements.
A vital element in the communication process is the accountant’s ability and responsibility to
analyze and interpret the reported information.
LO1 BT: C Difficulty: Easy TOT: 4 min. AACSB: None AICPA FC: Reporting
IA
3. (a) Internal users are those who plan, organize, and run the business and therefore are officers
and other decision makers.
(b) To assist management, managerial accounting provides internal reports. Examples include
financial comparisons of operating alternatives, projections of income from new sales
_A
campaigns, and forecasts of cash needs for the next year.
LO1 BT: C Difficulty: Easy TOT: 2 min. AACSB: None AICPA FC: Reporting
4. (a) Investors (owners) use accounting information to make decisions to buy, hold, or sell owner-
ship shares of a company.
(b) Creditors use accounting information to evaluate the risks of granting credit or lending money.
PP
LO1 BT: C Difficulty: Easy TOT: 2 min. AACSB: None AICPA FC: Reporting
5. This is false. Bookkeeping usually involves only the recording of economic events and therefore is
just one part of the entire accounting process. Accounting, on the other hand, involves the entire
process of identifying, recording, and communicating economic events.
RO
LO1 BT: C Difficulty: Easy TOT: 2 min. AACSB: None AICPA FC: Reporting
6. Benton Travel Agency should report the land at $90,000 on its December 31, 2022 balance
sheet. This is true not only at the time the land is purchased, but also over the time the land is
held. In determining which measurement principle to use (historical cost or fair value) companies
weigh the factual nature of cost figures versus the relevance of fair value. In general, companies
use historical cost. Only in situations where assets are actively traded do companies apply the
VE
fair value principle.
LO2 BT: C Difficulty: Easy TOT: 4 min. AACSB: None AICPA FC: Reporting
7. The monetary unit assumption requires that only transaction data that can be expressed in terms
of money be included in the accounting records. This assumption enables accounting to quantify
D?
(measure) economic events.
LO2 BT: K Difficulty: Easy TOT: 2 min. AACSB: None AICPA FC: Reporting
8. The economic entity assumption requires that the activities of the entity be kept separate and
distinct from the activities of its owners and all other economic entities.
LO2 BT: K Difficulty: Easy TOT: 2 min. AACSB: None AICPA FC: Reporting
?
1-2 Copyright © 2021 WILEY Weygandt, Accounting Principles, 14/e, Solutions Manual (For Instructor Use Only)
