test bank solution manual instructor s manual for managerial accounting tools for business decision making 6th canadian

TEST BANK & SOLUTION MANUAL FOR MANAGERIAL
ACCOUNTING: TOOLS FOR BUSINESS DECISION-MAKING, 6TH
CANADIAN EDITION BY JERRY J. WEYGANDT

TOOLS FOR BUSINESS DEC



Test Bank & S




Copyright © 2021 John Wiley & Sons Canada, Ltd. Unauthorized copying, distribution, or transmission of this page is prohibited

,1-2 Test Bank for Managerial Accounting, Sixth Canadian Edition




CHAPTER 1
MANAGERIAL ACCOUNTING
SUMMARY OF QUESTION TYPES BY LEARNING OBJECTIVE,
BLOOM’S TAXONOMY, LEVEL OF DIFFICULTY, AACSB CODES, AND
CPA CODES
Item LO BT LODAACSB CPA Item LO BT LODAACSB CPA Item LO BT LODAACSB CPA
True-False Statements
1. 1 C E AN MA 3. 2 K E AN MA 5. 4 K E AN MA
2. 1 C E AN MA 4. 2 K E AN MA
Multiple Choice Questions
6. 1 K E AN MA 36. 2 K E AN MA 66. 4 C E AN MA
7. 1 K E AN MA 37. 2 C E AN MA 67. 4 K E AN MA
8. 1 K E AN MA 38. 2 K E AN MA 68. 4 K E AN MA
9. 1 C E AN MA 39. 2 K E AN MA 69. 4 C E AN MA
10. 1 K E AN MA 40. 3 C E E MA 70. 4 C E AN MA
11. 1 C E AN MA 41. 3 C E E MA 71. 4 K E AN MA
12. 1 K E AN MA 42. 3 K E AN MA 72. 4 K E AN MA
13. 1 K E AN MA 43. 3 K E AN MA 73. 4 C E AN MA
14. 1 C E AN MA 44. 3 K E AN MA 74. 4 K E AN MA
15. 1 K E AN MA 45. 3 K E AN MA 75. 4 C E AN MA
16. 1 C E AN MA 46. 3 C E AN MA 76. 4 C E AN MA
17. 1 C E AN MA 47. 3 K E AN MA 77. 4 C E AN MA
18. 1 K E AN MA 48. 3 K E AN MA 78. 4 AN M AN MA
19. 1 K E AN MA 49. 3 C E AN MA 79. 4 K E AN MA
20. 1 K E AN MA 50. 3 C E AN MA 80. 4 K E AN MA
21. 1 C E AN MA 51. 3 K E AN MA 81. 4 C E AN MA
22. 1 K E AN MA 52. 3 K E AN MA 82. 4 K E AN MA
23. 1 K E AN MA 53. 4 C E AN MA 83. 4 K E AN MA
24. 1 K E AN MA 54. 4 K E AN MA 84. 4 K E AN MA
25. 1 K E AN MA 55. 4 K E AN MA 85. 4 K E AN MA
26. 2 C E AN MA 56. 4 K E AN MA 86. 4 K E AN MA
27. 2 K E AN MA 57. 4 K E AN MA
28. 2 K E AN MA 58. 4 K E AN MA
29. 2 K E AN MA 59. 4 C E AN MA
30. 2 K E AN MA 60. 4 C E AN MA
31. 2 K E AN MA 61. 4 C E AN MA
32. 2 K E AN MA 62. 4 K E AN MA
33. 2 C E AN MA 63. 4 K E AN MA
Managerial Accounting 1-3

, 34. 2 K E AN MA 64. 4 K E AN MA
35. 2 C E AN MA 65. 4 C E AN MA

Bloom’s: AN = Analysis C = Comprehension K = Knowledge
LOD: E = Easy M = Medium H = Hard
AACSB: AN = Analytic E = Ethics
CPA: MA = Management Accounting

SUMMARY OF QUESTION TYPES BY LEARNING OBJECTIVE,
BLOOM’S TAXONOMY, LEVEL OF DIFFICULTY, AACSB CODES, AND
CPA CODES (CONT’D)
Item LO BT LOD AACSB CPA Item LO BT LOD AACSB CPA Item LO BT LOD AACSB CPA
Brief Exercises
87. 1 C E AN MA 90. 3 C E E MA 93. 4 C E AN MA
88. 2 C E AN MA 91. 3 C E E MA 94. 4 K E AN MA
89. 2 C E AN MA 92. 4 K E AN MA 95. 4 C E AN MA
Exercises
96. 1 C E AN MA 100. 2 K E AN MA 104. 1,4 AN M AN MA
97. 1,2 AN M AN MA 101. 3 C E AN MA 105. 4 AN M AN MA
98. 2 C E AN MA 102. 3 C E AN MA
99. 2 AN M AN MA 103. 3 C E AN MA
Completion Statements
106. 1 K E AN MA 108. 1 K E AN MA 110. 2 K E AN MA
107. 1 K E AN MA 109. 2 K E AN MA 111. 2 K E AN MA
Matching
112. 4 K E AN MA
Short-Answer Essay
113. 1 C E AN MA 115. 3 AN M AN MA 117. 4 C E AN MA
114. 2 C E AN MA 116. 3 C E AN MA

Bloom’s: AN = Analysis C = Comprehension K = Knowledge
LOD: E = Easy M = Medium H = Hard
AACSB: AN = Analytic E = Ethics
CPA: MA = Management Accounting
1-4 Test Bank for Managerial Accounting, Sixth Canadian Edition


SUMMARY OF LEARNING OBJECTIVES BY QUESTION TYPE
Item Type Item Type Item Type Item Type Item Type Item Type Item Type
Learning Objective 1
1. TF 10. MC 16. MC 21. MC 96. Ex 113. SAE
2. TF 11. MC 17. MC 22. MC 97. Ex
6. MC 12. MC 18. MC 23. MC 104. Ex
7. MC 13. MC 19. MC 24. MC 106. C
8. MC 14. MC 20. MC 25. MC 107. C
9. MC 15. MC 21. MC 87. BE 108 C
Learning Objective 2
3. TF 28. MC 32. MC 36. MC 88. BE 110. C
4. TF 29. MC 33. MC 37. MC 89. BE 111. C
26. MC 30. MC 34. MC 38. MC 97. Ex 114. SAE
27. MC 31. MC 35. MC 39. MC 109. C

, Learning Objective 3
40. MC 44. MC 48. MC 52. MC 102. Ex
41. MC 45. MC 49. MC 90. BE 103. Ex
42. MC 46. MC 50. MC 91. BE 115. SAE
43. MC 47. MC 51. MC 101. Ex 116. SAE
Learning Objective 4
5. TF 59. MC 66. MC 73. MC 80. MC 92. BE 117. SAE
53. MC 60. MC 67. MC 74. MC 81. MC 93. BE
54. MC 61. MC 68. MC 75. MC 82. MC 94. BE
55. MC 62. MC 69. MC 76. MC 83. MC 95. BE
56. MC 63. MC 70. MC 77. MC 84. MC 104. Ex
57. MC 64. MC 71. MC 78. MC 85. MC 105. Ex
58. MC 65. MC 72. MC 79. MC 86. MC 112. Ma

Note: TF = True-False C = Completion BE = Brief Exercise
MC = Multiple Choice Ex = Exercise SAE = Short-Answer Essay
Ma = Matching
Managerial Accounting 1-5


CHAPTER LEARNING OBJECTIVES

1. Explain the distinguishing features of managerial accounting.
Managerial accounting is needed in all types of businesses—service, merchandising, and
manufacturing. It also applies to all forms of business organization—proprietorships,
partnerships, and corporations. Managerial accounting is needed in not-for-profit entities, as
well as in profit-oriented enterprises. Managerial accounting provides tools that help
management make decisions and evaluate the effectiveness of those decisions.
The distinguishing features of managerial accounting are
∙ the primary users of reports—internal users, who are officers, department heads,
managers, and supervisors in the company;
∙ the type and frequency of reports—internal reports that are issued as frequently as needed;
∙ the purpose of reports—to provide special-purpose information for a particular user for a
specific decision;
∙ the content of reports—pertains to subunits of the business and may be very detailed and
may extend beyond the double-entry accounting system; the reporting standard is relevant
to the decision being made; and
∙ the verification of reports—no independent audits.

2. Identify the three broad functions of management and the role of management
accountants in an organizational structure.
The three functions are planning, directing, and controlling. Planning requires management to
look ahead and to establish objectives. Directing involves coordinating a company’s diverse
activities and human resources to produce a smoothly running operation. Controlling is the
process of keeping the activities on track.
Management accountants serve as staff members in an organization and play an important role
in providing the required information for decision making.

3. Explain the importance of business ethics.
All employees in an organization are expected to act ethically in their business activities. In
Canada, the professional accounting organization promotes high standards of ethics in the
accounting profession. These standards of ethics can be used as guidelines in dealing with the
public and the organizations’ members. In the United States, the Institute of Management
Accountants’ Statement of Ethical Professional Practice provides the codes of conduct.