Accounting Ingram Ifd & Bridge Frontmatter 1 There were 4 transactions for the student

Unlock access to all the studying documents.

View Full Document

Using this test bank and its features

In addition to providing a variety of questions related to each chapter objective in the book, this

test bank also employs a series of tags that can help design effective, balanced tests and measure

course outcomes. All of these tags are included with the question in the test bank, and the chapter

objective and difficulty level are also included in a grid at the start of each chapter.

Chapter Objectives and Difficulty

Each question in the test bank is tied to one or more text book objectives using the “Text

Objective” field in Examview (OBJ: in the printed bank). In addition, each question has been

assigned a difficulty level, based on the following taxonomy. These appear in the “Difficulty”

field in Examview (DIF: in the printed bank).

Easy: Knowledge and Recall – Approx. 1 min per question. These types of questions are

taken directly out of the text, or cover a very basic concept without requiring any

reflective, or critical thinking, or significant analytical processes. Often these questions

are conceptual in nature which require recall but do not involve mathematical

Most questions should require an average 2 minutes a question, theory only, and then add 5

minutes for a range. For instance if there are 15 m/c questions they should require about 30 – 35

minutes. Additional time may be required for questions requiring computations.

An example of this process is identified from Chapter 3:

The cost of borrowing money is known as?

This type of question requires an understanding at the “recall” level. “Easy”.

Accrued revenues result when…..

There were 4 transactions for the student to choose between. This level of question requires an

understanding at the “analysis” level. “Moderate”.

vi ♦ Using this Test Bank and Its Features

Example 1. Johnson Company had Sales of $150,000 and Cost of Goods Sold was $90,000.

Gross Margin would be;

a. 240,000

b. 150,000

c. 90,000

d. 60,000

The answer $60,000 requires just a definitional level of knowledge and would be at the

knowledge & recall level of understanding.

Example 2. Johnson Company had sales of $150,000 with a cost of goods sold of 60%. The

Consistency in the approach to assigning objectives and level of difficulty is of utmost importance.

Most multiple choice questions are tied to only one objective. Some of these questions may

require knowledge from other objectives in the same chapter or knowledge from previous

chapters. The objectives have been chosen based on the most predominant objective(s) being

tested. The problems and essay questions often have multiple objectives associated with them.

Often, the questions with multiple objectives require a higher level of analysis or critical thinking.

Course Outcomes

In addition to chapter objective and difficulty, this test bank is tagged to outcomes created by two

bodies that provide curriculum guidance for this course: The Association to Advance Collegiate

Schools of Business (AACSB) and The American Institute of Certified Public Accountants

(AICPA). These are included in the test bank as follows: AACSB in the “Miscellaneous” field in

Examview (MSC: in the printed bank.) and AICPA in the “Topic” field in Examview (TOP in the

printed bank).

Using this Test Bank and Its Features ♦ vii

AACSB: Derived from the AACSB website “The Assurance of Learning Standards. 15. Management of

Curricula”

Tags

Skills

Functional Competencies

AICPA FN-

Decision

Modeling

Individuals preparing to enter the accounting profession must be able to use strategic and critical

approaches to decision-making. They must objectively consider issues, identify alternatives, and

choose and implement solution approaches in order to deliver services and provide value.

AICPA FN-

Leveraging

Technology

Technology is pervasive in the accounting profession. Individuals entering the accounting

profession must acquire the necessary skills to use technology tools effectively and efficiently.

These technology tools can be used both to develop and apply other functional competencies.

used for special purposes. Some measurement criteria (such as effectiveness of internal control)

AICPA FN-

Research

conduct of a GAAS audit. The understanding of business risk (that is, the risk that an entity—

Broad Business Competencies

Although accounting professionals need a foundation in standards and other relevant rules, such

guidance is constantly evolving. Many accounting profession functions depend on obtaining

information from within and outside of an entity. Accordingly, the individual preparing to enter

the accounting profession needs to have strong research skills to access relevant guidance or other

AACSB Technology

• Use of information technology.

AACSB Diversity

• Multicultural and diversity understanding.

AACSB Reflective Thinking

• Reflective thinking skills.

viii ♦ Using this Test Bank and Its Features

AICPA BB-

Industry

Individuals entering the accounting profession should be able to identify (through research and

analysis) the economics and broad business financial risks and opportunities of the industry and

economic sector in which a given organization operates. Identification of these risks and

opportunities should include both issues specific to the enterprise, as well as those pervasive

throughout the industry/sector.

AICPA BB-

Global

Individuals entering the accounting profession should be able to identify and communicate the

variety of threats and opportunities of doing business in a borderless world. The accounting

professional of the future must provide services to support and facilitate commerce in the global

AICPA-BB–

Marketing

Individuals who are marketing- and client- focused are better able to anticipate and meet the

changing needs of clients, employers, customers, and markets. This involves both the ability to

recognize market needs and the ability to develop new markets.

AICPA BB-

Resource

Management

The ability to appreciate the importance of all resources is critical for success. Individuals

entering the accounting profession should be able to apply management and human resources

development theories to human resource issues and organizational problems. Individuals

preparing to enter the accounting profession should be able to identify sources of capital, and

analyze the impact of participation in the global capital markets.

AICPA BB-

various disciplines to provide information for decision–making. Being in tune with the “big

profession should be able to communicate to others the vision, strategy, goals, and culture of

organizations.

Note: The AICPA also includes Personal competencies not covered in this course.

This text is considered a beginning text for introducing students to basic accounting concepts,

decision-making processes and financial statement analysis. As such, the test bank questions are

learning objective tags have been assigned with this in mind.

For AACSB evaluation purposes, the vast majority of the Multiple Choice and Problem test bank

questions are analytical in nature. Many essay questions are tied to communication skills and

ethics issues.

marketplace.

AICPA BB-

Regulatory forces are being shaped by collaboration, migration, and reform as the various

stakeholders globalize, share information, and force their particular needs and viewpoints onto

political agendas. Individuals preparing to enter the accounting profession need to be capable of

describing the legal and regulatory environment and analyzing the impact of changes in relevant

requirements, constraints, and competitive practices.