Financial Accounting Tools For Business Decision Making Canadian 9Th Kimmel Test Bank

SUMMARY OF QUESTION TYPES BY LEARNING OBJECTIVE, LEVEL OF DIFFICULTY, BLOOM’S TAXONOMY, CPA CODES, AND AACSB CODES (CONT’D)

Short-Answer Essay

Objective Format Questions

LOD: E = Easy M = Medium H = Hard

Bloom’s: AN = Analysis AP = Application C = Comprehension K = Knowledge

CPA: F = Financial Reporting CM = Communication

AACSB: AN = Analytic E = Ethics

SUMMARY OF LEARNING OBJECTIVES BY QUESTION TYPE

Item Type

Learning Objective 1

1. TF 6. TF 11 TF 39 MC 44 MC 143. Ma 156. OF

2 TF 7. TF 35 MC 40 MC 45 MC 144. SAE 157. OF

3 TF 8. TF 36. MC 41 MC 46. MC 145. SAE

4. TF 9. TF 37. MC 42 MC 47. MC 146. SAE

5. TF 10. TF 38 MC 43 MC 111. Ex 147. SAE

Learning Objective 2

12. TF 16. TF 51 MC 55 MC 59. MC 115 Ex 158. OF

13. TF 48 MC 52 MC 56. MC 112. Ex 143. Ma 159. OF

14. TF 49 MC 53 MC 57. MC 113. Ex 147. SAE 160. OF

15. TF 50 MC 54 MC 58. MC 114 Ex 148. SAE

Learning Objective 3

17. TF 22. TF 64 MC 69 MC 74. MC 117. Ex 143. Ma

18. TF 60. MC 65. MC 70. MC 75. MC 118. Ex

19. TF 61. MC 66 MC 71 MC 76. MC 119. Ex

20. TF 62. MC 67. MC 72. MC 77. MC 120. Ex

21. TF 63 MC 68 MC 73. MC 116. Ex 121 Ex

Learning Objective 4

23. TF 34. TF 88. MC 99. MC 110. MC 132. Ex 143. Ma

24. TF 78. MC 89. MC 100. MC 122. Ex 133. Ex 149. SAE

25. TF 79. MC 90. MC 101. MC 123. Ex 134. Ex 150. SAE

26. TF 80. MC 91 MC 102 MC 124 Ex 135. Ex 151. SAE

27. TF 81. MC 92. MC 103. MC 125. Ex 136. Ex 152. SAE

28. TF 82 MC 93 MC 104. MC 126. Ex 137. Ex 153. SAE

29. TF 83 MC 94 MC 105. MC 127 Ex 138. Ex 154. SAE

30. TF 84 MC 95 MC 106. MC 128 Ex 139. Ex 155 SAE

31. TF 85 MC 96 MC 107. MC 129. Ex 140. Ex 161. OF

32. TF 86 MC 97 MC 108. MC 130. Ex 141. Ex 162. OF

33. TF 87 MC 98 MC 109. MC 131. Ex 142. Ex

Note: TF = True-False

Ma = Matching

CP = CPA Questions MC = Multiple Choice Ex = Exercise SAE = Short-Answer Essay

TRUE-FALSE STATEMENTS

1. Accounting identifies and records economic events of a business.

2. High standards of ethics are not required for preparers of financial information.

3. Accounting information is not important to marketing managers

4. Authorities, such as the Canada Revenue Agency, want to know whether a business complies with the tax laws.

5 Accounting communicates financial information about a business to both internal and external users.

6 Two internal users of accounting information are investors and managers

7. Accounting provides financial comparisons of operating alternatives, projections of income from new sales campaigns, analyses of sales costs, and forecasts of cash needs for external users.

Solution: Accounting provides financial comparisons of operating alternatives, projections of income from new sales campaigns, analyses of sales costs, and forecasts of cash needs for internal users

8. Companies present summarized financial information in the form of financial statements for both internal and external use

9. Anyone who works for a company but does not necessarily have access to accounting information to assist them in managing and operating the company is still considered to be an internal user.

Solution: Anyone who works for a company but does not necessarily have access to accounting information to assist them in managing and operating the company is considered to be an external user.

10. Potential employees who use annual reports to learn about the company and evaluate job prospects are regarded as external users.

11. As labour unions represent employees, they are also regarded as internal users. Solution: Labour unions who represent employees are regarded as external users.