Chapter 1 homework accounting

Accounting in Action

ASSIGNMENT CLASSIFICATION TABLE

Learning Objectives

Questions

Brief

Exercises

Do It!

Exercises

A

Problems

B

Problems

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.

1

3

4. Explain generally accepted accounting principles.

6

1

3, 4

5. Explain the monetary unit assumption and the economic entity assumption.

7, 8, 9, 10

4

6. State the accounting equation, and define its components.

11, 12, 13, 22

1, 2, 3, 4, 5

2, 4

5, 6, 7, 10, 11, 16

1A, 2A 4A, 5A

1B, 2B 4B, 5B

7. Analyze the effects of business transactions on the accounting equation.

14, 15, 16, 18

6, 7, 8, 9

3

6, 7, 8, 10

1A, 2A, 4A

1B, 2B, 4B

8. Understand the four financial statements and how they are prepared.

17, 19, 20, 21

10, 11

4

9, 10, 11, 12, 13, 14, 15, 16

2A, 3A, 4A, 5A

2B, 3B, 4B, 5B

ASSIGNMENT CHARACTERISTICS TABLE

Problem

Number

Description

Difficulty

Level

Time Allotted (min.)

1A

Analyze transactions and compute net income.

Moderate

40–50

2A

Analyze transactions and prepare income statement, owner’s equity statement, and balance sheet.

Moderate

50–60

3A

Prepare income statement, owner’s equity statement, and balance sheet.

Moderate

50–60

4A

Analyze transactions and prepare financial statements.

Moderate

40–50

5A

Determine financial statement amounts and prepare owner’s equity statement.

Moderate

40–50

1B

Analyze transactions and compute net income.

Moderate

40–50

2B

Analyze transactions and prepare income statement, owner’s equity statement, and balance sheet.

Moderate

50–60

3B

Prepare income statement, owner’s equity statement, and balance sheet.

Moderate

50–60

4B

Analyze transactions and prepare financial statements.

Moderate

40–50

5B

Determine financial statement amounts and prepare owner’s equity statement.

Moderate

40–50

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