213 Problems And Solutions Kieso IFRS
BUS 213
Intermediate Accounting I
Suggested Problems (Kieso et al. Intermediate Accounting IFRS edition)
Chapter Exercises/Problems
2 E2-3, E2-5, E2-6
3 E3-1, E3-5, E3-10, E3-11
4 E4-9, P4-4
5 E5-3, E5-7, E5-10, E5-13
18 E18-5, E18-10, E18-11, E18-15, E18-16, P18-6
7 E7-6, E7-12, E7-15, E7-18, E7-21, E7-28
8 E8-2, E8-9, E8-10, E8-13, E8-17
9 E9-1, E9-5, E9-7, E9-23
10 E10-4, E10-8, E10-14, E10-18, E10-25
11 E11-6, E11-12, E11-18, E11-19, E11-23, E11-26, E11-27, E11-29
14 E14-6, E14-8, E14-14, E14-21
17 E17-1, E17-3, E17-5, E17-8, E17-11, E17-17, E17-20
EXERCISE 2-3 (15–20 minutes)
(a) Confirmatory Value.
(e) Neutrality.
(f) Relevance and Faithful Representation.
(g) Timeliness. (h) Relevance. (i) Comparability. (j) Verifiability.
(b) Cost/Benefit and Materiality.
(c) Neutrality.
(d) Consistency (note the overall qualitative characteristic is comparability; consistency is considered part of comparability).
EXERCISE 2-5 (10–15 minutes)
(a) Liabilities.
(b) Equity.
(c) Equity.
(d) Income.
(e) Assets.
(f) Income, expenses.
(g) Equity.
(h) Income.
(i) Equity.
EXERCISE 2-6 (15–20 minutes)
(a) 8.
Expense recognition principle.
(b)
6.
Cost principle.
(c)
9.
Full disclosure principle.
(d)
2.
Going concern assumption.
(e)
10.
Revenue recognition principle.
(f)
1.
Economic entity assumption.
(g)
4.
Periodicity assumption.
(h)
7.
Fair value principle.
(i)
12.
Materiality constraint.
(j)
3.
Monetary unit assumption.
EXERCISE 3-1 (15–20 minutes)
Apr. 2
Cash
30,000
Equipment
14,000
Christine Ewing, Capital
44,000
2
No entry—not a transaction.
3
Supplies
700
Accounts Payable
700
7
Rent Expense
600
Cash
600
11
Accounts Receivable
1,100
Service Revenue
1,100
12
Cash
3,200
Unearned Service Revenue
3,200
17
Cash
2,300
Service Revenue
2,300
21
Insurance Expense
110
Cash
110
30
Salaries
Intermediate Accounting I
Suggested Problems (Kieso et al. Intermediate Accounting IFRS edition)
Chapter Exercises/Problems
2 E2-3, E2-5, E2-6
3 E3-1, E3-5, E3-10, E3-11
4 E4-9, P4-4
5 E5-3, E5-7, E5-10, E5-13
18 E18-5, E18-10, E18-11, E18-15, E18-16, P18-6
7 E7-6, E7-12, E7-15, E7-18, E7-21, E7-28
8 E8-2, E8-9, E8-10, E8-13, E8-17
9 E9-1, E9-5, E9-7, E9-23
10 E10-4, E10-8, E10-14, E10-18, E10-25
11 E11-6, E11-12, E11-18, E11-19, E11-23, E11-26, E11-27, E11-29
14 E14-6, E14-8, E14-14, E14-21
17 E17-1, E17-3, E17-5, E17-8, E17-11, E17-17, E17-20
EXERCISE 2-3 (15–20 minutes)
(a) Confirmatory Value.
(e) Neutrality.
(f) Relevance and Faithful Representation.
(g) Timeliness. (h) Relevance. (i) Comparability. (j) Verifiability.
(b) Cost/Benefit and Materiality.
(c) Neutrality.
(d) Consistency (note the overall qualitative characteristic is comparability; consistency is considered part of comparability).
EXERCISE 2-5 (10–15 minutes)
(a) Liabilities.
(b) Equity.
(c) Equity.
(d) Income.
(e) Assets.
(f) Income, expenses.
(g) Equity.
(h) Income.
(i) Equity.
EXERCISE 2-6 (15–20 minutes)
(a) 8.
Expense recognition principle.
(b)
6.
Cost principle.
(c)
9.
Full disclosure principle.
(d)
2.
Going concern assumption.
(e)
10.
Revenue recognition principle.
(f)
1.
Economic entity assumption.
(g)
4.
Periodicity assumption.
(h)
7.
Fair value principle.
(i)
12.
Materiality constraint.
(j)
3.
Monetary unit assumption.
EXERCISE 3-1 (15–20 minutes)
Apr. 2
Cash
30,000
Equipment
14,000
Christine Ewing, Capital
44,000
2
No entry—not a transaction.
3
Supplies
700
Accounts Payable
700
7
Rent Expense
600
Cash
600
11
Accounts Receivable
1,100
Service Revenue
1,100
12
Cash
3,200
Unearned Service Revenue
3,200
17
Cash
2,300
Service Revenue
2,300
21
Insurance Expense
110
Cash
110
30
Salaries