Financial Accounting IFRS Edition E2 CH.1 Answer
CHAPTER 1
Accounting in Action
ASSIGNMENT CLASSIFICATION TABLE
Brief
Exercises
A
Problems
B
Problems
5, 6,
7, 11
1A, 2A,
4A
1B, 2B,
4B
3
6, 7, 8,
10, 11
1A, 2A,
4A, 5A
1B, 2B,
4B, 5B
4
8, 9, 12, 13, 2A, 3A,
14, 15, 16, 17 4A, 5A
2B, 3B,
4B, 5B
Learning Objectives
Questions
Do It!
Exercises
1.
Explain what accounting is.
1, 2, 5
1
1
2.
Identify the users and uses of accounting.
3, 4
1
2
3.
Understand why ethics is a fundamental business concept. 4.
Explain accounting standards and the measurement principles.
6
5.
Explain the monetary unit assumption and the economic entity assumption. 7, 8, 9, 10
6.
State the accounting equation, and define its components.
11, 12, 13,
14, 22
1, 2, 3,
4, 5, 8, 9
2
7.
Analyze the effects of business transactions on the accounting equation.
15, 16
6, 7
8.
Understand the four financial statements and how they are prepared. 17, 18, 19,
20, 21
10, 11
3
1
4
4
Copyright © 2013 John Wiley & Sons, Inc. Weygandt Financial, IFRS, 2/e, Solution’s Manual (For Instructor Use Only)
1-1
ASSIGNMENT CHARACTERISTICS TABLE
Problem
Number
Difficulty
Level
Time Allotted
(min.)
1A
Analyze transactions and compute net income.
Moderate
40–50
2A
Analyze transactions and prepare income statement, retained earnings statement, and statement of financial position. Moderate
50–60
3A
Prepare income statement, retained earnings statement, and statement of financial position.
Moderate
50–60
4A
Analyze transactions and prepare financial statements.
Moderate
40–50
5A
Determine financial statement amounts and prepare retained earnings statement.
Moderate
40–50
1B
Analyze transactions and compute net income.
Moderate
40–50
2B
Analyze transactions and prepare income statement, retained earnings statement, and statement of financial position. Moderate
50–60
3B
Prepare income statement, retained earnings statement, and statement of financial position.
Moderate
50–60
4B
Analyze
Accounting in Action
ASSIGNMENT CLASSIFICATION TABLE
Brief
Exercises
A
Problems
B
Problems
5, 6,
7, 11
1A, 2A,
4A
1B, 2B,
4B
3
6, 7, 8,
10, 11
1A, 2A,
4A, 5A
1B, 2B,
4B, 5B
4
8, 9, 12, 13, 2A, 3A,
14, 15, 16, 17 4A, 5A
2B, 3B,
4B, 5B
Learning Objectives
Questions
Do It!
Exercises
1.
Explain what accounting is.
1, 2, 5
1
1
2.
Identify the users and uses of accounting.
3, 4
1
2
3.
Understand why ethics is a fundamental business concept. 4.
Explain accounting standards and the measurement principles.
6
5.
Explain the monetary unit assumption and the economic entity assumption. 7, 8, 9, 10
6.
State the accounting equation, and define its components.
11, 12, 13,
14, 22
1, 2, 3,
4, 5, 8, 9
2
7.
Analyze the effects of business transactions on the accounting equation.
15, 16
6, 7
8.
Understand the four financial statements and how they are prepared. 17, 18, 19,
20, 21
10, 11
3
1
4
4
Copyright © 2013 John Wiley & Sons, Inc. Weygandt Financial, IFRS, 2/e, Solution’s Manual (For Instructor Use Only)
1-1
ASSIGNMENT CHARACTERISTICS TABLE
Problem
Number
Difficulty
Level
Time Allotted
(min.)
1A
Analyze transactions and compute net income.
Moderate
40–50
2A
Analyze transactions and prepare income statement, retained earnings statement, and statement of financial position. Moderate
50–60
3A
Prepare income statement, retained earnings statement, and statement of financial position.
Moderate
50–60
4A
Analyze transactions and prepare financial statements.
Moderate
40–50
5A
Determine financial statement amounts and prepare retained earnings statement.
Moderate
40–50
1B
Analyze transactions and compute net income.
Moderate
40–50
2B
Analyze transactions and prepare income statement, retained earnings statement, and statement of financial position. Moderate
50–60
3B
Prepare income statement, retained earnings statement, and statement of financial position.
Moderate
50–60
4B
Analyze