TEST BANK
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, CHAPTER 1
Accounting in Action
Learning Objectives
1. Identify the use and users of accounting and the objective of
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financial reporting.
2. Compare the different forms of business organization.
3. Explain the building blocks of accounting: ethics and the
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concepts included in the conceptual framework.
4. Describe the components of the financial statements and
explain the accounting equation.
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5. Analyze the effects of business transactions on the
accounting equation.
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6. Prepare financial statements.
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,Summary of Questions by Learning Objectives and Bloom‘s Taxonomy
Item LO BT Item LO BT Item LO BT Item LO BT Item LO BT
Questions
1. 1 C 5. 3 C 9. 3 C 13. 4 K 17. 5 C
2. 1 C 6. 3 K 10. 3 C 14. 4 K 18. 5 AP
3. 1 C 7. 3 K 11. 3 C 15. 4 C 19. 6 K
4. 2 K 8. 3 C 12. 4 K 16. 4 K 20. 6 C
Brief Exercises
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1. 1 K 5. 3 C 9. 4 AP 13. 5 AP 17. 6 AP
2. 2 C 6. 3 C 10. 4 AP 14. 4,5 AP 18. 6 AP
3. 3 AN 7. 4 C 11. 4 K 15. 4,6 AP
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4. 3 C 8. 4 AP 12. 5 AP 16. 6 AP
Exercises
1. 1 C 5. 1,3,5 K 9. 3,5,6 C 13. 4,5 AP 17. 6 AP
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2. 1 C 6. 4 AP 10. 5 C 14. 6 AP
3. 2 C 7. 4 AP 11. 5 C 15. 6 AP
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4. 3 C 8. 5 C 12. 4,5 AP 16. 6 AP
Problems
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1. 1 S 4. 4 AP 7. 3,4,5,6 AP 10. 6 AN
2. 2,3 AP 5. 3,5 C 8. 4,5,6 AP 11. 3,4,5,6 AP
3. 4 AP 6. 4,6 AP 9. 6 AP
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, Legend: The following abbreviations will appear throughout the
solutions manual file.
LO Learning objective
Bloom's
BT Taxonomy
K Knowledge
C Comprehension
AP Application
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AN Analysis
S Synthesis
E Evaluation
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Difficulty: Level of difficulty
S Simple
M Moderate
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C Complex
Time: Estimated time to complete in minutes
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AACSB Association to Advance Collegiate Schools of Business
Communication Communication
Ethics Ethics
Res
Analytic Analytic
Tech. Technology
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Diversity Diversity
Reflec. Thinking Reflective Thinking
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CPA CM CPA Canada Competency Map
Ethics Professional and Ethical Behaviour
PS and DM Problem-Solving and Decision-Making
Comm. Communication
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Self-Mgt. Self-Management
Team & Lead Teamwork and Leadership
Reporting Financial Reporting
Stat. & Gov. Strategy and Governance
Mgt. Accounting Management Accounting
Audit Audit and Assurance
Finance Finance
Tax Taxation
ia
uv
StE
Res
Ud
Nra
pJg
U
, CHAPTER 1
Accounting in Action
Learning Objectives
1. Identify the use and users of accounting and the objective of
U
financial reporting.
2. Compare the different forms of business organization.
3. Explain the building blocks of accounting: ethics and the
pJg
concepts included in the conceptual framework.
4. Describe the components of the financial statements and
explain the accounting equation.
Nra
5. Analyze the effects of business transactions on the
accounting equation.
Ud
6. Prepare financial statements.
Res
StE
uv
ia
,Summary of Questions by Learning Objectives and Bloom‘s Taxonomy
Item LO BT Item LO BT Item LO BT Item LO BT Item LO BT
Questions
1. 1 C 5. 3 C 9. 3 C 13. 4 K 17. 5 C
2. 1 C 6. 3 K 10. 3 C 14. 4 K 18. 5 AP
3. 1 C 7. 3 K 11. 3 C 15. 4 C 19. 6 K
4. 2 K 8. 3 C 12. 4 K 16. 4 K 20. 6 C
Brief Exercises
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1. 1 K 5. 3 C 9. 4 AP 13. 5 AP 17. 6 AP
2. 2 C 6. 3 C 10. 4 AP 14. 4,5 AP 18. 6 AP
3. 3 AN 7. 4 C 11. 4 K 15. 4,6 AP
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4. 3 C 8. 4 AP 12. 5 AP 16. 6 AP
Exercises
1. 1 C 5. 1,3,5 K 9. 3,5,6 C 13. 4,5 AP 17. 6 AP
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2. 1 C 6. 4 AP 10. 5 C 14. 6 AP
3. 2 C 7. 4 AP 11. 5 C 15. 6 AP
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4. 3 C 8. 5 C 12. 4,5 AP 16. 6 AP
Problems
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1. 1 S 4. 4 AP 7. 3,4,5,6 AP 10. 6 AN
2. 2,3 AP 5. 3,5 C 8. 4,5,6 AP 11. 3,4,5,6 AP
3. 4 AP 6. 4,6 AP 9. 6 AP
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uv
ia
, Legend: The following abbreviations will appear throughout the
solutions manual file.
LO Learning objective
Bloom's
BT Taxonomy
K Knowledge
C Comprehension
AP Application
U
AN Analysis
S Synthesis
E Evaluation
pJg
Difficulty: Level of difficulty
S Simple
M Moderate
Nra
C Complex
Time: Estimated time to complete in minutes
Ud
AACSB Association to Advance Collegiate Schools of Business
Communication Communication
Ethics Ethics
Res
Analytic Analytic
Tech. Technology
StE
Diversity Diversity
Reflec. Thinking Reflective Thinking
uv
CPA CM CPA Canada Competency Map
Ethics Professional and Ethical Behaviour
PS and DM Problem-Solving and Decision-Making
Comm. Communication
ia
Self-Mgt. Self-Management
Team & Lead Teamwork and Leadership
Reporting Financial Reporting
Stat. & Gov. Strategy and Governance
Mgt. Accounting Management Accounting
Audit Audit and Assurance
Finance Finance
Tax Taxation
