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Accounting Principles, Volume 1, 7th Canadian Edition


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Accounting Principles, Volume 1, 7th Canadian Edition

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For over 15 years, Weygandt, Accounting Principles has been praised by both instructors and students across the country for its outstanding visual design, its carefully integrated pedagogy, and its excellent writing style and clarity of presentation. Our main focus continues to be ‘Student Success in Accounting’ and the new seventh edition package further enables both instructors and students to achieve successful learning outcomes. With this edition, we have added two new authors, Valerie Warren and Lori Novak.  They bring fresh new ideas, updates, and continue to implement challenging accounting concepts through examples that are familiar to the student with a stepped-out pedagogy that breaks down complex topics making the material more manageable. This connection to their everyday lives helps build student motivation, a key driver of student time spent on assignments and ultimately their mastery of the concepts.


Accounting Principles, Seventh Canadian Edition enables students to become independent and successful learners by including a variety of additional resources, more opportunities to use new technology, and new features that empower students to apply what they have learned in the classroom to the world outside the classroom.  The seamlessly integrated digital and print resources to accompany Accounting Principles, Seventh Canadian Edition offer additional tools for both instructors and students in order to help students succeed.   

Related Resources

Chapter 1

Accounting in Action 2

Accounting Keeps Corus on Air 2

Why Is Accounting Important? 4

Using Accounting Information 5

Objective of Financial Reporting 7

Forms of Business Organization 7

Proprietorship 8

Partnership 8

Corporation 8

Generally Accepted Accounting Principles 9

Ethics in Financial Reporting 9

Conceptual Framework 11

Accounting Standards 14

The Accounting Model 16

Financial Statements 16

The Expanded Accounting Equation 20

Transaction Analysis 21

Preparing Financial Statements 27

Income Statement 27

Statement of Owner’s Equity 27

Balance Sheet 29

Cash Flow Statement 29

Understanding the Information in the Financial Statements 29

Chapter 2

The Recording Process 58

Slaying the Dragons to Brew Up Sales 58

The Account 60

Debits and Credits 60

Double-Entry Accounting 63

Analyzing and Recording Transactions 64

The Accounting Cycle and Steps in the

Recording Process 64

The Journal 66

The Ledger 69

Posting 70

The Recording Process Illustrated 71

Summary Illustration of Journalizing and Posting 75

The Trial Balance 77

Limitations of a Trial Balance 79

Locating Errors 79

Some Process Explanations 80

Chapter 3

Adjusting the Accounts 114

Advance Sports Revenue Is Just the Ticket 114

Timing Issues 116

Accrual Versus Cash Basis Accounting 117

Revenue and Expense Recognition 118

The Basics of Adjusting Entries 119

Adjusting Entries for Prepayments 121

Adjusting Entries for Accruals 128

The Adjusted Trial Balance and

Financial Statements 135

Preparing the Adjusted Trial Balance 136

Preparing Financial Statements 136

Chapter 4

Completion of the Accounting Cycle 170

A “Cut Above” in Bookkeeping 170

Closing the Books 172

Preparing Closing Entries 172

Posting Closing Entries 177

Preparing a Post-Closing Trial Balance 178

Summary of the Accounting Cycle 180

Steps in the Accounting Cycle 180

Correcting Entries—An Avoidable Step 181

Classified Balance Sheet 184

Standard Balance Sheet Classifi cations 184

Alternative Balance Sheet Presentation 189

Using the Information in the Financial Statements 191

Working Capital 191

Current Ratio 191

Acid-Test Ratio 192

Appendix 4A: Work Sheets 193

Appendix 4B: Reversing Entries 197

Chapter 5

Accounting for Merchandising Operations 236

A “Frank” Look at Tracking Inventory 236

Merchandising Operations 238

Inventory Systems 239

Recording Purchases of Merchandise 241

Subsidiary Inventory Records 242

Freight Costs 243

Purchase Returns and Allowances 243

Discounts 244

Summary of Purchase Transactions 245

Recording Sales of Merchandise 246

Freight Costs 247

Sales Returns and Allowances 248

Discounts 249

Summary of Sales Transactions 249

Sales Taxes 250

Completing the Accounting Cycle 250

Adjusting Entries 251

Closing Entries 251

Post-Closing Trial Balance 253

Summary of Merchandising Entries in a  Perpetual Inventory System 253

Merchandising Financial Statements 255

Single-Step Income Statement 255

Multiple-Step Income Statement 256

Classified Balance Sheet 258

Using the Information in the  Financial Statements 259

Gross Profit Margin 259

Profit Margin 260

Appendix 5A: Periodic Inventory System 261

Chapter 6

Inventory Costing 300

A Fresh Approach to Costing Inventory 300

Determining Inventory Quantities 302

Taking a Physical Inventory 302

Determining Ownership of Goods 303

Inventory Cost Determination Methods 305

Specific Identifi cation 305

Cost Formulas: FIFO and Weighted Average 306

Financial Statement Effects 313

Choice of Cost Determination Method 314

Inventory Errors 316

Presentation and Analysis of Inventory 320

Valuing Inventory at the Lower of Cost and Net Realizable Value 320

Reporting and Analyzing Inventory 323

Presenting Inventory in the Financial  Statements 323

Appendix 6A: Inventory Cost Formulas in  Periodic Systems 326

Appendix 6B: Estimating Inventories 330

Gross Profit Method 330

Retail Inventory Method 331

Chapter 7

Internal Control and Cash 360

Keeping Track of the Cash 360

Cash and Internal Control 362

What Is Cash? 362

Internal Control 363

Control Activities 363

Limitations of Internal Control 367

Cash Controls 368

Internal Control Over Cash Receipts 368

Internal Control Over Cash Payments 371

Petty Cash Fund 373

Establishing the Fund 373

Making Payments from the Fund 373

Replenishing the Fund 374

Bank Accounts 375

Use of a Bank Account 375

Reconciling the Bank Account 379

Reporting Cash 385

Chapter 8

Accounting for Receivables 420

Last Call for Customer Payments 420

Accounts Receivable 422

Recognizing Accounts Receivable 422

Valuing Accounts Receivable 425

Notes Receivable 434

Recognizing Notes Receivable 435

Disposing of Notes Receivable 436

Statement Presentation and

Management of Receivables 438

Presentation 438

Analysis 439

Accelerating Cash Receipts from Receivables 440

Chapter 9

Long-Lived Assets 468

Capitalizing on Education 468

Property, Plant, and Equipment 470

Determining the Cost of Property, Plant,  and Equipment 470

Depreciation 474

Revising Periodic Depreciation 482

Disposal of Property, Plant, and Equipment 486

Natural Resources 493

Cost 494

Depletion 494

Disposal 495

Intangible Assets and Goodwill 496

Accounting for Intangible Assets 496

Intangible Assets with Finite Lives 497

Intangible Assets with Indefi nite Lives 498

Goodwill 499

Statement Presentation and Analysis 500

Presentation 500

Analysis 501

Chapter 10

Current Liabilities and Payroll 528

Butterflies Bring About Better Banknotes 528

Determinable (Certain) Current Liabilities 530

Accounts Payable 530

Unearned Revenues 530

Operating Line of Credit and Bank Overdraft 531

Short-Term Notes Payable 532

Sales Taxes 533

Property Taxes 534

Current Maturities of Long-Term Debt 535

Uncertain Liabilities 536

Provisions 536

Contingencies 540

Payroll 541

Employee Payroll Costs 542

Employer Payroll Costs 544

Recording the Payroll 545

Financial Statement Presentation 550

Appendix 10A: Payroll Deductions 551

Appendix A: Specimen Financial Statements; Corus Entertainment Inc. A1

Appendix B: Sales Taxes B1

Appendix C: Subsidiary Ledgers and Special Journals C1

Company Index CI-1

Subject Index I-1

  • This edition now has WileyPLUS with ORION available. Based on cognitive science, WileyPLUS with ORION provides students with a personal, adaptive learning experience so they can build their proficiency on topics and use their study time most effectively. WileyPLUS with ORION helps students learn by learning about them.
  • New author team, Valerie Warren and Lori Novak.
  • New video material: problem walkthrough videos and applied skills videos
  • New animations onUsing a Worksheet’
  • New additional questions in WileyPLUS
  • Stepped-out pedagogy breaks down complex topics making the material more manageable for students. Some examples of this pedagogy are:
  • Before You Go On – These "Do It!" exercises at the end of each Study Objective include an Action Plan and Solution to ensure that students understand what has just been covered before going further.
  • Demonstration Problems at the end of each chapter review of the major topics in the chapter.
  • The Accounting Across the Organization and Business Insight boxes reinforce the importance of accounting  to all areas of business.
  • The Ethics Insight feature provides students with real life examples and lifelike ethical dilemmas.
  • Taking It Further is an additional step that is added to each problem to provide the optional opportunity for students to think more deeply about the concepts.