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Test Bank for Understanding Financial Accounting, 2nd Canadian Edition by Christopher D. Burnley, ISBN: 9781119407003

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Test Bank for Understanding Financial Accounting, 2nd Canadian Edition by Christopher D. Burnley, ISBN: 9781119407003. chapters 1 to 12 test bank for Understanding Financial Accounting 2ce.

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financial accounting
2nd canadian edition
9781119407003
christopher d burnley
understanding financial accounting
test bank
test bank understanding financial accounting

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TEST BANK Understanding Financial Accounting,
2nd Canadian Edition Christopher D. Burnley

CHAPTER 1
OVERVIEW OF CORPORATE FINANCIAL REPORTING
SUMMARY OF QUESTION TYPES BY LEARNING OBJECTIVE,
BLOOM’S TAXONOMY, LEVEL OF DIFFICULTY, AACSB CODES, AND
CPA CODES
Item LO BT LOD AACSB CPA Item LO BT LOD AACSB CPA Item LO BT LOD AACSB CPA
True-False Statements
1. 1 K M AN F 11. 4 K E AN F 21. 5 K M AN F
2. 1 K E AN F 12. 5 K E AN F 22. 5 K E AN F
3. 1,5 K M AN F 13. 5 K E AN F 23. 5 K E AN F
4. 2 K E AN F 14. 5 K E AN F 24. 5 K M AN F
5. 2 K E AN F 15. 5 K M AN F 25. 5 K E AN F
6. 2 K E AN F 16. 5 K E AN F 26. 5 K M AN F
7. 4 K E AN F 17. 5 K E AN F 27. 5 K M AN F
8. 4 K M AN F 18. 5 K E AN F 28. 5 C E AN F
9. 4 K M AN F 19. 5 K E AN F 29. 5 K E AN F
10. 4 K M AN F 20. 5 K E AN F 30. 5 K M AN F

Bloom’s: AN = Analytic AP = Application C = Comprehension K = Knowledge
LOD: E = Easy M = Medium H = Hard
AACSB: AN = Analytic
CPA: F = Financial Reporting

, 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
Multiple Choice Questions
31. 1 K E AN F 51. 4 C M AN F 71. 5 C M AN F
32. 1 K M AN F 52. 4 C M AN F 72. 5 K M AN F
33. 1 K M AN F 53. 4 C E AN F 73. 5 K M AN F
34. 2 K E AN F 54. 4 C E AN F 74. 5 C H AN F
35. 2 K E AN F 55. 4 C E AN F 75. 5 K M AN F
36. 2 K M AN F 56. 4 C M AN F 76. 5 C M AN F
37. 2 K E AN F 57. 4 C M AN F 77. 5 K E AN F
38. 2 K M AN F 58. 4 C M AN F 78. 5 K M AN F
39. 2 K E AN F 59. 4 C M AN F 79. 5 K E AN F
40. 2,3 C M AN F 60. 4 C M AN F 80. 5 K M AN F
41. 3 C M AN F 61. 4 C M AN F 81. 5 K M AN F
42. 3 C M AN F 62. 4 C M AN F 82. 5 K E AN F
43. 3 K E AN F 63. 5 K E AN F 83. 5 K M AN F
44. 3 K E AN F 64. 5 K E AN F 84. 5 K M AN F
45. 3 K M AN F 65. 5 AP M AN F 85. 5 K E AN F
46. 3 K M AN F 66. 5 K H AN F 86. 5 K M AN F
47. 3 K M AN F 67. 5 K E AN F 87. 5 K E AN F
48. 3 K M AN F 68. 5 C H AN F
49. 4 K M AN F 69. 5 K E AN F
50. 4 K M AN F 70. 5 K M AN F
Exercises
88. 5 AP E AN F 90. 5 AP M AN F 92. 5 AN H AN F
89. 5 AP M AN F 91. 5 AN H AN F
Matching
93. 4 C M AN F 94. 5 K M AN F
Short-Answer Essay
95. 2 K M AN F 97. 3 C M AN F 99. 5 C M AN F
96. 3 K M AN F 98. 4 K M AN F 100. 5 K M AN F
Essay
101. 4 C H AN F 102. 5 C M AN F

Bloom’s: AN = Analytic AP = Application C = Comprehension K = Knowledge
LOD: E = Easy M = Medium H = Hard
AACSB: AN = Analytic
CPA: F = Financial Reporting

, 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 2. TF 3 TF 31. MC 32. MC 33. MC
Learning Objective 2
4. TF 6. TF 35. MC 37. MC 39. MC 95. SAE
5. TF 34. MC 36. MC 38. MC 40. MC
Learning Objective 3
40. MC 42. MC 44. MC 46. MC 48. MC 97. SAE
41. MC 43. MC 45. MC 47. MC 96. SAE
Learning Objective 4
7. TF 11. TF 52. MC 56. MC 60. MC 98. SAE
8. TF 49. MC 53. MC 57. MC 61. MC 101. Es
9. TF 50. MC 54. MC 58. MC 62. MC
10. TF 51. MC 55. MC 59. MC 93. Ma
Learning Objective 5
12. TF 20. TF 28. TF 68. MC 76. MC 84. MC 92. Ex
13. TF 21. TF 29. TF 69. MC 77. MC 85. MC 94. Ma
14. TF 22. TF 30. TF 70. MC 78. MC 86. MC 99. SAE
15. TF 23. TF 63. MC 71. MC 79. MC 87. MC 100. SAE
16. TF 24. TF 64. MC 72. MC 80. MC 88. Ex 102. Es
17. TF 25. TF 65. MC 73. MC 81. MC 89. Ex
18. TF 26. TF 66. MC 74. MC 82. MC 90. Ex
19. TF 27. TF 67. MC 75. MC 83. MC 91. Ex

Note: TF = True-False Ex = Exercise SAE = Short-Answer Essay
MC = Multiple Choice Ma = Matching Es = Essay

, CHAPTER LEARNING OBJECTIVES

1. Define financial accounting and understand its relationship to economic decision
making.
• Financial accounting is the process by which information on the transactions of an organization
is captured, analyzed, and reported to external decision makers.
• These decision makers are referred to as financial statement users and include investors and
creditors.
• The primary purpose of financial accounting information is to aid these users in making
economic decisions related to the reporting organization, such as whether to invest in it or lend
it money.

2. Identify the main users of financial accounting information and explain how they use
this information.
• The main users of financial accounting information include shareholders, the board of
directors, potential investors, creditors (bankers and suppliers), regulators (stock exchanges),
taxing authorities (governments), securities analysts, and others.
• Shareholders, the board of directors, and potential investors will use financial accounting
information to enable them to assess how well management has run the company; determine
whether they should buy, sell, or continue to hold shares in the company; assess the company’s
share price relative to the financial accounting information; and so on.
• Creditors will use financial accounting information to determine whether they should lend funds
to the company, establish credit terms for it, assess a company’s ability to meets its obligations,
and so on.
• Regulators will use financial accounting information to determine whether a company has met
its listing requirements.
• Taxing authorities will use this information in assessing the taxes owed by the organization.

3. Describe the major forms of business organization and explain the key distinctions
between each form.
• There are three major forms of business organization: (1) proprietorships, (2) partnerships,
and (3) corporations.
• There are public corporations (whose shares trade on a public stock exchange and are widely
held) and private corporations (whose shares do not trade on a public exchange and are
generally owned by a small number of people).
• Corporations are separate legal entities, whereas proprietorships and partnerships are not.
This means the personal assets of owners are protected in the event of legal action against
corporations, whereas they are at risk in the case of proprietorships and partnerships. It also
means corporations file separate tax returns, whereas the income from proprietorships and
partnerships is reported on the personal tax returns of their owners.

4. Explain the three categories of business activities and identify examples of
transactions related to each category.
• The three categories of business activities are: (1) operating, (2) investing, and (3) financing
activities.

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Exam (elaborations)

Test Bank for Understanding Financial Accounting, 2nd Canadian Edition by Christopher D. Burnley, ISBN: 9781119407003

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