Solution Manual for Kieso Intermediate Accounting Chapter 1

CHAPTER 1
Accounting in Action

ASSIGNMENT CLASSIFICATION TABLE

Brief A B
Learning Objectives Questions Exercises Do It! Exercises Problems Problems

1. Explain what 1, 2, 5 1 1
accounting is.


2. Identify the users and 3, 4 1 2
uses of accounting.

3. Understand why ethics 1 3
is a fundamental business
concept.

4. Explain generally accepted 6 1 3, 4
accounting principles.

5. Explain the monetary 7, 8, 9, 10 4
unit assumption and
the economic entity
assumption.

6. State the accounting 11, 12, 13, 1, 2, 3, 4, 5 2, 4 5, 6, 7, 10, 1A, 2A 1B, 2B
equation, and define 22 11, 16 4A, 5A 4B, 5B
its components.

7. Analyze the effects of 14, 15, 16, 6, 7, 8, 9 3 6, 7, 8, 1A, 2A, 1B, 2B,
business transactions on 18 10 4A 4B
the accounting equation.

8. Understand the four 17, 19, 20, 10, 11 4 9, 10, 11, 2A, 3A, 2B, 3B,
financial statements 21 12, 13, 14, 4A, 5A 4B, 5B
and how they are 15, 16
prepared.

,
,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.

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

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

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

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

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

, WEYGANDT ACCOUNTING PRINCIPLES 11E
CHAPTER 1
ACCOUNTING IN ACTION

Number LO BT Difficulty Time (min.)
BE1 6 AP Simple 2–4
BE2 6 AP Simple 3–5
BE3 6 AP Moderate 4–6
BE4 6 AP Moderate 4–6
BE5 6 C Simple 2–4
BE6 7 C Simple 2–4
BE7 7 C Simple 2–4
BE8 7 C Simple 2–4
BE9 7 C Simple 1–2
BE10 8 AP Simple 3–5
BE11 8 C Simple 2–4
DI1 1, 2, 3, 4 K Simple 2–4
DI2 6 K Simple 2–4
DI3 7 AP Simple 6–8
DI4 6, 8 AP Moderate 8–10
EX1 1 C Moderate 5–7
EX2 2 C Simple 6–8
EX3 3, 4 C Moderate 6–8
EX4 4, 5 C Moderate 6–8
EX5 6 C Simple 4–6
EX6 6, 7 C Simple 6–8
EX7 6, 7 C Simple 4–6
EX8 7 AP Moderate 12–15
EX9 8 AP Simple 12–15
EX10 6, 8 AP Moderate 8–10
EX11 6, 8 AP Moderate 6–8
EX12 8 AP Simple 8–10
EX13 8 AN Simple 8–10
EX14 8 AP Simple 10–12
EX15 8 AP Simple 6–8
EX16 6, 8 AP Moderate 6–8