Weygandt, Kieso, Kimmel, Trenholm, Warren, Novak Accounting Principles, Ninth Canadian Edition Solutions Manual 1.1 Chapter 1 © 2022 John Wiley & Sons Canada, Ltd. Unauthorized copying, distribution, or transmission of this page i s prohibited. CHAPTER 1 Accounting in Action Learning Objectives 1. Identify the use and users of accounting and the objective of financial reporting . 2. Compare the different forms of business organization . 3. Explain the building blocks of accounting: ethics and the concepts included in the conceptual framework . 4. Describe the components of the financial statements and explain the accounting equation. 5. Analyze the effects of business transactions on the accounting equation. 6. Prepare financial statements. MEDCONNOISSEUR Weygandt, Kieso, Kimmel, Trenholm, Warren, Novak Accounting Principles, Ninth Canadian Edition Solutions Manual 1.2 Chapter 1 © 2022 John Wiley & Sons Canada, Ltd. Unauthorized copying, distribution, or transmission of this page i s prohibited. Summary of Quest ions by Learning Objectives and Bloom‘s Taxonomy Item LO BT Item LO BT Item LO BT Item LO BT Item LO BT Questions 1. 1 C 5. 3 C 9. 3 C 13. 4 K 17. 5 C 2. 1 C 6. 3 K 10. 3 C 14. 4 K 18. 5 AP 3. 1 C 7. 3 K 11. 3 C 15. 4 C 19. 6 K 4. 2 K 8. 3 C 12. 4 K 16. 4 K 20. 6 C Brief Exercises 1. 1 K 5. 3 C 9. 4 AP 13. 5 AP 17. 6 AP 2. 2 C 6. 3 C 10. 4 AP 14. 4,5 AP 18. 6 AP 3. 3 AN 7. 4 C 11. 4 K 15. 4,6 AP 4. 3 C 8. 4 AP 12. 5 AP 16. 6 AP Exercises 1. 1 C 5. 1,3,5 K 9. 3,5,6 C 13. 4,5 AP 17. 6 AP 2. 1 C 6. 4 AP 10. 5 C 14. 6 AP 3. 2 C 7. 4 AP 11. 5 C 15. 6 AP 4. 3 C 8. 5 C 12. 4,5 AP 16. 6 AP Problems 1. 1 S 4. 4 AP 7. 3,4,5,6 AP 10. 6 AN 2. 2,3 AP 5. 3,5 C 8. 4,5,6 AP 11. 3,4,5,6 AP 3. 4 AP 6. 4,6 AP 9. 6 AP MEDCONNOISSEUR Weygandt, Kieso, Kimmel, Trenholm, Warren, Novak Accounting Principles, Ninth Canadian Edition Solutions Manual 1.3 Chapter 1 © 2022 John Wiley & Sons Canada, Ltd. Unauthorized copying, distribution, or transmission of this page i s prohibited. Legend : The following abbreviations will appear throughout the solutions manual file. LO Learning objective BT Bloom's Taxonomy K Knowledge C Comprehension AP Application AN Analysis S Synthesis E Evaluation Difficulty: Level of difficulty S Simple M Moderate C Complex Time: Estimated time to complete in minutes AACSB Association to Advance Collegiate Schools of Business Communication Communication Ethics Ethics Analytic Analytic Tech. Technology Diversity Diversity Reflec. Thinking Reflective Thinking CPA CM CPA Canada Competency Map Ethics Professional and Ethical Behaviour PS and DM Problem -Solving and Decision -Making Comm. Communica tion Self-Mgt. Self-Management Team & Lead Teamwork and Leadership Reporting Financial Reporting Stat. & Gov. Strategy and Governance Mgt. Accounting Management Accounting Audit Audit and Assurance Finance Finance Tax Taxation MEDCONNOISSEUR Weygandt, Kieso, Kimmel, Trenholm, Warren, Novak Accounting Principles, Ninth Canadian Edition Solutions Manual 1.4 Chapter 1 © 2022 John Wiley & Sons Canada, Ltd. Unauthorized copying, distribution, or transmission of this page i s prohibited. ASSIGNMENT CLASSIFICATION TABLE Learning Objectives Questions Brief Exercises Exercises Problems Set A Problems Set B 1. Identify the use and users of accounting and the objective of financial reporting. 1, 2, 3 1 1, 2, 5 1 1 2. Compare the different forms of business organization. 4 2 3, 2 2 3. Explain the building blocks of accounting: ethics and the concepts included in the conceptual framework. 5, 6, 7, 8, 9, 10, 11 3, 4, 5, 6 3, 4, 5, 9, 10 2, 5, 7, 11 2, 5, 7, 11 4. Describe the comp onents of the financial statements and explain the accounting equation. 12, 13, 14. 15, 16 7, 8, 9, 10, 11, 15 6, 7, 13 3, 4, 6, 7, 8, 11 3, 4, 6, 7, 8, 11 5. Analyze the effects of business transactions on the accounting equation. 17, 18 12, 13, 14 5, 8, 9, 10, 11, 12, 13 5, 7, 8, 11 6, 7, 8, 9, 10, 11 6. Prepare financial statements. 19, 20 14, 15, 16 17, 18 9, 14, 15, 16, 17 6, 7, 8, 9, 10, 11 2, 5, 7, 11 MEDCONNOISSEUR