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Cornerstones of Managerial Accounting 2nd Edition Test Bank

Cornerstones of Managerial Accounting 2nd Edition Test Bank is a must-have study companion, ensuring that you grasp important topics with ease.

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Cornerstones of Managerial Accounting 2nd Edition Test Bank - Page 1 preview imageiNETAASSESSMENTTest Bankto accompanyPrepared byLinda LindsayUniversity of Lethbridge
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Cornerstones of Managerial Accounting 2nd Edition Test Bank - Page 2 preview image
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Cornerstones of Managerial Accounting 2nd Edition Test Bank - Page 3 preview imageiiNETA Assessment: Test Bank to accompanyCornerstones of ManagerialAccounting,SecondCanadian EditionByMaryanne M. Mowen, Don R. Hansen, Dan L. Heitger, David J. McConomy, andJeffrey A. PittmanTest Bank prepared byLinda Lindsay, University of LethbridgeNETA copy editor:NETA editor: Kate UnrauAvailableatwww.nelson.comandwww.nelsonbrain.comCOPYRIGHT ©2015by Nelson Education Ltd.Nelson is a registered trademark used herein under licence. Allrights reserved.For more information contact Nelson, 1120 Birchmount Road, Toronto, Ontario M1K5G4. Or you can visit ourInternet site at www.nelson.com.ALL RIGHTS RESERVED. No part of this work covered by the copyright hereon may be reproduced or used inany form or by any means—graphic, electronic, or mechanical, including photocopying, recording, taping, webdistribution or information storage and retrieval systems—without the written permission of the publisher
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Cornerstones of Managerial Accounting 2nd Edition Test Bank - Page 4 preview imageiiiTABLE OF CONTENTSPreface................................................................................................................................ivChapter 1:.........................................................................................................................1-1Chapter 2:.........................................................................................................................3-1Chapter 4:.........................................................................................................................4-1Chapter 5:.........................................................................................................................5-1Chapter 6:.........................................................................................................................6-1Chapter 7:.........................................................................................................................7-1Chapter 8:.........................................................................................................................8-1Chapter 9:.........................................................................................................................9-1Chapter 10:.....................................................................................................................10-1Chapter 11:.....................................................................................................................11-1Chapter 12:.....................................................................................................................12-1Chapter 13:.....................................................................................................................13-1Chapter 14:.....................................................................................................................14-1
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Cornerstones of Managerial Accounting 2nd Edition Test Bank - Page 5 preview imageivPREFACEContents:About the Nelson Education Teaching AdvantageAccessing Your Cognero Test BankABOUT THE NELSON EDUCATION TEACHING ADVANTAGE (NETA)In mostpost-secondary courses, a large percentage ofstudent assessment is based on multiple-choice testing.Many instructors use multiple-choice reluctantly,believing that it is a methodology best used for testingwhat a studentremembersrather than what she or he haslearned.Nelson Education Ltd.understandsthat a good quality multiple-choice test bank canprovidethe means to measurehigher-level thinkingskills as wellas recall. Recognizing theimportance of multiple-choice testing in today’s classroom,we havecreatedNETA—theNelsonEducationTeachingAdvantage program—to ensure thevalue of ourhighqualitytestbanks.TheNETAprogramwas created in partnership with David DiBattista,a 3M National TeachingFellow,professor of psychology at Brock University, and researcher in the area of multiple-choice testing. NETA ensures thatsubject-matter experts who author test bankshave hadtraining in two areas: avoiding common errors intestconstruction, anddevelopingmultiple-choice test questions that “get beyond remembering” to assess higher-level thinking.All NETA testbanks include David DiBattista’s guide for instructors, “Multiple Choice Tests:Getting Beyond Remembering.” This guide has been designed to assist you in using Nelsontest banks to achieve your desired outcomes inyourcourse.The Test Bank forMowen,Cornerstones of Managerial Accounting,Second Canadian Edition,has been revised for Canadian students byLinda Lindsay, University of Lethbridge.Themultiple-choice questions were written and edited to conform to NETA guidelines, whichemphasize the development of higher-order thinking and the effective construction ofquestions. NETA principles of question construction help eliminate ambiguity, arguableanswers, guesswork, and unconscious cues to test-savvy students, resulting in a test thataccurately reflects student understanding.The Test Bank offers overmultiple choice, about[insert number]true/false, andproblems.
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Cornerstones of Managerial Accounting 2nd Edition Test Bank - Page 6 preview imagevIn addition to providing a variety of questions related to each chapter objective, this test bankalso employs a series of tags that can help design effective, balanced tests by the measure ofcourse outcomes. All of the tags are included with the question in the test bank. These tagsinclude:•ANS:The correct answer.•PTS:The number of points an instructor can assign for each question. The default is 1point.•Keywords: Bloom’s Category:The category from Bloom’s taxonomy for learning(Remember or Higher Order). This category is included to assist instructors in assessingstudent’s higher-order cognitive skills.•DIF:Difficulty level (Easy, Medium, or Difficult).•REF: The page number in the textbook that the question relates to.•ACCESSING YOUR COGNERO TEST BANKThe NETA Test Bank is available in anew, cloud-based platform.NelsonTesting Powered by Cognero®is asecure online testing system thatallows you to author, edit, and managetest bank content from any place you have Internet access. No special installations ordownloads are needed, and the desktop-inspired interface, with its drop-down menus andfamiliar, intuitive tools, allows you to create and manage tests with ease. You can createmultiple test versions in an instant, and import or export content into other systems. Tests canbe delivered from your learning management system, your classroom, or wherever you want.Testing Powered by Cognerocanbe accessed throughhttp://www.nelson.com/loginandhttp://login.cengage.com.Just enter the Author, Title, ISBN, or Course Key for the text andselect “Nelson Testing, powered by Cognero Instant Access for [name of author/title].”Additional ResourcesThe Instructor Resources for your textbook also include:•CL Testing_Cognero_Creating_Tests, a user’s guide to answer your questions.•Printable versions of the Test Bank in Word and PDF formats.TroubleshootingIf you are having difficulty adding questions to your tests using Cognero, this short video has ahelpful demonstration of several ways to accomplish this:https://www.youtube.com/watch?v=EWugxqtChmYIf you have added a book to your Instructor Resource Center dashboard and can’t find theCognero Test Bank under “Access Instructor Resources,” try reloading the product by addingthe ISBN in the box “Add a product to your Instructor Resource Center.”
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Cornerstones of Managerial Accounting 2nd Edition Test Bank - Page 7 preview imageviFor optimum effectiveness, use Google Chrome as your browser when accessing Cognero.Technical support is available athttp://support.cengage.com/magellanweb/TechSupport/login.aspx
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Cornerstones of Managerial Accounting 2nd Edition Test Bank - Page 8 preview imageCopyright©2015NelsonEducationLimited.1-1Chapter1-IntroductiontoManagerialAccounting1.Whichofthefollowingisanexampleofthemanagementactivityreferredtoasplanning?a.developingastrategytodisposeofhazardouswasteb.decidingtoeliminateanunprofitablesegmentofanorganizationc.outsourcingtheorganization’spayrollprocessingd.upgradingoutdatedequipmentANSWER:aPOINTS:1DIFFICULTY:MediumREFERENCES:p.4LEARNINGOBJECTIVES:MACC.MOWE.15.1.1-1.1NATIONALSTANDARDS:UnitedStates-AACSBAnalyticUnitedStates-IMA-CostManagementKEYWORDS:Bloom'sHigherorder;classifying2.Developingacompanystrategyforrespondingtoanticipatednewmarketsisanexampleofwhichofthefollowing?a.delegatingb.controllingc.decisionmakingd.planningANSWER:dPOINTS:1DIFFICULTY:MediumREFERENCES:p.5LEARNINGOBJECTIVES:MACC.MOWE.15.1.1-1.1NATIONALSTANDARDS:UnitedStates-AACSBAnalyticUnitedStates-IMA-CostManagementKEYWORDS:Bloom'sHigherorder;classifying3.Investigatingproductionvariancesandadjustingtheproductionprocessisanexampleofwhichofthefollowing?a.planningb.controllingc.decisionmakingd.delegatingANSWER:bPOINTS:1DIFFICULTY:MediumREFERENCES:p.5LEARNINGOBJECTIVES:MACC.MOWE.15.1.1-1.1NATIONALSTANDARDS:UnitedStates-AACSBAnalyticUnitedStates-IMA-CostManagementKEYWORDS:Bloom'sHigherorder;classifying4.Whichofthefollowingareincludedinthestandardsofethicalconductformanagementaccountants?a.competence,performance,respectforothers,andobservance
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Cornerstones of Managerial Accounting 2nd Edition Test Bank - Page 9 preview imageChapter1-IntroductiontoManagerialAccountingCopyright©2015NelsonEducationLimited.1-2b.integrity,respectforothers,performance,andconfidencec.confidence,confidentiality,objectivity,andobservanced.competence,confidentiality,integrity,andobjectivityANSWER:dPOINTS:1DIFFICULTY:MediumREFERENCES:p.5LEARNINGOBJECTIVES:MACC.MOWE.15.1.1-1.1NATIONALSTANDARDS:UnitedStates-AACSBAnalyticUnitedStates-IMA-CostManagementKEYWORDS:Bloom'sHigherorder;classifying5.Whichofthefollowingisacharacteristicoffinancialaccounting?a.Ithasnoregulatoryormandatoryrules.b.Itisinternallyfocused.c.Itisconcernedwiththefirmasawhole.d.Ithasanemphasisonthefuture.ANSWER:cPOINTS:1DIFFICULTY:MediumREFERENCES:p.7LEARNINGOBJECTIVES:MACC.MOWE.15.1.2-1.2NATIONALSTANDARDS:UnitedStates-AACSBAnalyticUnitedStates-IMA-CostManagementKEYWORDS:Bloom'sHigherorder;classifying6.Whichofthefollowingisanobjectiveofmanagementaccounting?a.toprepareexternalreportsforinvestors,creditors,governmentagencies,andotheroutsideusersb.toprovideinformationforthecostingofservices,products,andotherobjectsofinteresttomanagementc.toprovidetaxinformationforplanning,controlling,evaluating,andcontinuousimprovementd.toprovideinformationforinvestmentdecisionmakingANSWER:bPOINTS:1DIFFICULTY:EasyREFERENCES:p.7LEARNINGOBJECTIVES:MACC.MOWE.15.1.3-1.3NATIONALSTANDARDS:UnitedStates-AACSBAnalyticUnitedStates-IMA-CostManagementKEYWORDS:Bloom'sHigherorder;exemplifying7.Whichofthefollowingisacharacteristicofmanagementaccounting?a.Itprovidesobjectivefinancialinformation.b.Itmustadheretomandatoryrules.c.Ithasnomandatoryrules.
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Cornerstones of Managerial Accounting 2nd Edition Test Bank - Page 10 preview imageChapter1-IntroductiontoManagerialAccountingCopyright©2015NelsonEducationLimited.1-3d.Itsmainusersareoutsideoftheorganization.ANSWER:cPOINTS:1DIFFICULTY:EasyREFERENCES:p.7LEARNINGOBJECTIVES:MACC.MOWE.15.1.2-1.2NATIONALSTANDARDS:UnitedStates-AACSBAnalyticUnitedStates-IMA-CostManagementKEYWORDS:Bloom'sHigherorder;classifying8.Whatischaracteristicofmanagementaccountingreports?a.Thereportsarepreparedtomeettheneedsofdecisionmakerswithinthefirm.b.Thereportsarepreparedwheneverstockholdersrequestthem.c.ThereportsarepreparedaccordingtoguidelinespreparedbytheOntarioSecuritiesCommission(OSC).d.ThereportsarepreparedaccordingtoIFRS.ANSWER:aPOINTS:1DIFFICULTY:EasyREFERENCES:p.7LEARNINGOBJECTIVES:MACC.MOWE.15.1.2-1.2NATIONALSTANDARDS:UnitedStates-AACSBAnalyticUnitedStates-IMA-CostManagementKEYWORDS:Bloom'sHigherorder;inferring9.Whatistheprimaryobjectiveofmanagementaccounting?a.toprovidestockholdersandpotentialinvestorswithusefulinformationfordecisionmakingb.toprovidebanksandothercreditorswithinformationusefulinmakingcreditdecisionsc.toprovidemanagementwithinformationusefulforplanningandcontrolofoperationsd.toprovidetheCanadaRevenueAgencywithinformationabouttaxableincomeANSWER:cPOINTS:1DIFFICULTY:MediumREFERENCES:p.7LEARNINGOBJECTIVES:MACC.MOWE.15.1.3-1.3NATIONALSTANDARDS:UnitedStates-AACSBAnalyticUnitedStates-IMA-CostManagementKEYWORDS:Bloom'sHigherorder;exemplifying10.Whataretheestablishingobjectivestoincludesocialandenvironmentalimpactcalled?a.tripleaccountingb.triplebottomlinec.triplecostanalysisd.triplethreatANSWER:b
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Cornerstones of Managerial Accounting 2nd Edition Test Bank - Page 11 preview imageChapter1-IntroductiontoManagerialAccountingCopyright©2015NelsonEducationLimited.1-4POINTS:1DIFFICULTY:MediumREFERENCES:p.8LEARNINGOBJECTIVES:MACC.MOWE.15.1.2-1.2NATIONALSTANDARDS:UnitedStates-AACSBAnalyticUnitedStates-IMA-CostManagementKEYWORDS:Bloom'sHigherorder;differentiating11.WhatdoestheTripleBottomLineinclude?a.measuresofrevenuesgeneratedbythecompanyb.measuresofactivitiesnotsimplyrelatedtoincreasingprofitsc.measuresofactivitiesrelatedtothecostsincurredbythecompanyd.measuresofactivitiesrelatedtoincreasingprofitsANSWER:bPOINTS:1DIFFICULTY:MediumREFERENCES:p.8LEARNINGOBJECTIVES:MACC.MOWE.15.1.2-1.2NATIONALSTANDARDS:UnitedStates-AACSBAnalyticUnitedStates-IMA-CostManagementKEYWORDS:Bloom'sHigherorder;differentiating12.WhatactivitywouldnotbeincludedintheTripleBottomLine?a.measuresofthenumberofvolunteerhoursbyemployeesb.measuresofthelitresofwastewaterdumpingintoariverc.measuresoftheenvironmentalimpactofapipelined.measuresofrevenuesminusexpensesgeneratedANSWER:dPOINTS:1DIFFICULTY:MediumREFERENCES:p.8LEARNINGOBJECTIVES:MACC.MOWE.15.1.2-1.2NATIONALSTANDARDS:UnitedStates-AACSBAnalyticUnitedStates-IMA-CostManagementKEYWORDS:Bloom'sHigherorder;differentiating13.Whichofthefollowingisacharacteristicofactivity-basedcosting?a.Itisatraditionalcostingmethod.b.Itencouragesprocess-valueanalysis.c.Italwaysresultsinalowercostassignedtogoodsorservices.d.Itassignssharedcoststojobs.ANSWER:bPOINTS:1DIFFICULTY:Medium
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Cornerstones of Managerial Accounting 2nd Edition Test Bank - Page 12 preview imageChapter1-IntroductiontoManagerialAccountingCopyright©2015NelsonEducationLimited.1-5REFERENCES:p.9LEARNINGOBJECTIVES:MACC.MOWE.15.1.3-1.3NATIONALSTANDARDS:UnitedStates-AACSBAnalyticUnitedStates-IMA-CostManagementKEYWORDS:Bloom'sHigherorder;classifying14.Whatistheobjectiveofprocessvalueanalysis?a.toincludemeasuresofactivitiesnotsimplyrelatedtoincreasingprofitsb.toestablishcompetitiveadvantagebycreatingbettercustomervalueforthesamecostc.toefficientlyperformnecessaryandeliminateactivitiesthatdonotcreatecustomervalued.toimprovecostingaccuracybyemphasizingtheactivitiesandtasksthatmustbeperformedANSWER:cPOINTS:1DIFFICULTY:MediumREFERENCES:p.9LEARNINGOBJECTIVES:MACC.MOWE.15.1.3-1.3NATIONALSTANDARDS:UnitedStates-AACSBAnalyticUnitedStates-IMA-CostManagementKEYWORDS:Bloom'sHigherorder;differentiating15.Whatiscustomervalue?a.thedifferencebetweenwhatacustomerreceivesandwhatthecustomergivesupwhenbuyingaproductorserviceb.theestablishmentofacompetitiveadvantagebycreatingbettercustomervalueforthesamecostc.theefficientperformanceofnecessaryactivitiesandeliminationofactivitiesthatdonotcreatecustomervalued.theimprovementofcostingaccuracybyemphasizingtheactivitiesandtasksthatmustbeperformedANSWER:aPOINTS:1DIFFICULTY:MediumREFERENCES:p.9LEARNINGOBJECTIVES:MACC.MOWE.15.1.3-1.3NATIONALSTANDARDS:UnitedStates-AACSBAnalyticUnitedStates-IMA-CostManagementKEYWORDS:Bloom'sHigherorder;attributing16.Whatdoestotalqualitymanagementemphasize?a.1%defectsb.alackofimprovementc.theeliminationofwasted.thestatusquoANSWER:cPOINTS:1DIFFICULTY:MediumREFERENCES:p.13
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Cornerstones of Managerial Accounting 2nd Edition Test Bank - Page 13 preview imageChapter1-IntroductiontoManagerialAccountingCopyright©2015NelsonEducationLimited.1-6LEARNINGOBJECTIVES:MACC.MOWE.15.1.3-1.3NATIONALSTANDARDS:UnitedStates-AACSBAnalyticUnitedStates-IMA-CostManagementKEYWORDS:Bloom'sHigherorder,differentiating17.Whatisaprimaryactivityinthevaluechain?a.procurementb.marketingandsalesc.humanresourcesmanagementd.technologydevelopmentAprANSWER:bPOINTS:1DIFFICULTY:MediumREFERENCES:p.13LEARNINGOBJECTIVES:MACC.MOWE.15.1.3-1.3NATIONALSTANDARDS:UnitedStates-AACSBAnalyticUnitedStates-IMA-CostManagementKEYWORDS:Bloom'sHigherorder;differentiating18.Whichofthefollowingemployeeswouldnormallyoccupyalineposition?a.thecontrollerb.thepurchasingmanagerc.thetreasurerd.thevice-presidentofmarketingANSWER:dPOINTS:1DIFFICULTY:MediumREFERENCES:p.16LEARNINGOBJECTIVES:MACC.MOWE.15.1.4-1.4NATIONALSTANDARDS:UnitedStates-AACSBAnalyticUnitedStates-IMA-CostManagementKEYWORDS:Bloom'sHigherorder;differentiating19.Whichofthefollowingemployeeswouldnormallyoccupyastaffposition?a.thecostaccountingmanagerb.anassemblyworkerc.thefactorymanagerd.thevicepresidentofoperationsANSWER:aPOINTS:1DIFFICULTY:MediumREFERENCES:p.16LEARNINGOBJECTIVES:MACC.MOWE.15.1.4-1.4NATIONALSTANDARDS:UnitedStates-AACSBAnalytic
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Cornerstones of Managerial Accounting 2nd Edition Test Bank - Page 14 preview imageChapter1-IntroductiontoManagerialAccountingCopyright©2015NelsonEducationLimited.1-7UnitedStates-IMA-CostManagementKEYWORDS:Bloom'sHigherorder;differentiating20.Whichofthefollowingemployeeswouldnormallyoccupyalinepositioninahospital?a.themanagerofthecafeteriab.ahospitaladministratorc.thechiefofsurgeryd.astaffnurseANSWER:cPOINTS:1DIFFICULTY:MediumREFERENCES:p.16LEARNINGOBJECTIVES:MACC.MOWE.15.1.4-1.4NATIONALSTANDARDS:UnitedStates-AACSBAnalyticUnitedStates-IMA-CostManagementKEYWORDS:Bloom'sHigherorder;differentiating21.Whichofthefollowingactivitiesdoesthecontrollerofanorganizationparticipatein?a.controlling,planning,andassessingb.decisionmakingandassessingc.planning,assessing,anddecisionmakingd.planning,controlling,anddecisionmakingANSWER:dPOINTS:1DIFFICULTY:EasyREFERENCES:p.16LEARNINGOBJECTIVES:MACC.MOWE.15.1.4-1.4NATIONALSTANDARDS:UnitedStates-AACSBAnalyticUnitedStates-IMA-CostManagementKEYWORDS:Bloom'sHigherorder;exemplifying22.Whichofthefollowinginvolveschoosingactionsthatareright,proper,andjust?a.balancedcostingb.activity-basedcostingc.ethicalbehaviourd.cross-functionalperspectiveANSWER:cPOINTS:1DIFFICULTY:ChallengingREFERENCES:p.18LEARNINGOBJECTIVES:MACC.MOWE.15.1.5-1.5NATIONALSTANDARDS:UnitedStates-AACSBEthicsUnitedStates-IMA-BusinessApplicationsKEYWORDS:Bloom'sHigherorder;differentiating
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Cornerstones of Managerial Accounting 2nd Edition Test Bank - Page 15 preview imageChapter1-IntroductiontoManagerialAccountingCopyright©2015NelsonEducationLimited.1-823.Withwhichofthefollowingdovirtuallyallmanagerialaccountingpracticesassistmanagers?a.maximizingprofitsb.determiningcostsc.creatingannualreportsd.generatingtaxreportsANSWER:aPOINTS:1DIFFICULTY:MediumREFERENCES:p.17LEARNINGOBJECTIVES:MACC.MOWE.15.1.5-1.5NATIONALSTANDARDS:UnitedStates-AACSBAnalyticUnitedStates-IMA-CostManagementKEYWORDS:Bloom'sHigherorder;differentiating24.WhatisarequirementforaccountantswhohaveaCPA,(CA,CMA,orCGA)designation?a.Theyarenottheonlypeoplepermittedtoserveasexternalauditors.b.Theymustpassanationalexaminationandbelicensedbytheprovinceorterritoryinwhichtheypractice.c.Theyarenotheldresponsibleforprovidingassuranceconcerningthereliabilityofafirm'sfinancialstatements.d.Theycanonlyworkatpublicaccountingfirms.ANSWER:bPOINTS:1DIFFICULTY:EasyREFERENCES:p.23LEARNINGOBJECTIVES:MACC.MOWE.15.1.6-1.6NATIONALSTANDARDS:UnitedStates-AACSBAnalyticUnitedStates-IMA-ReportingKEYWORDS:Bloom'sHigherorder;attributing25.Whatisthenameofthenewlyformedprofessionalaccountingbody?a.CACanadab.CFACanadac.CPACanadad.CMACanadaANSWER:cPOINTS:1DIFFICULTY:EasyREFERENCES:p.23LEARNINGOBJECTIVES:MACC.MOWE.15.1.6-1.6NATIONALSTANDARDS:UnitedStates-AACSBAnalyticUnitedStates-IMA-CostManagementKEYWORDS:Bloom'sHigherorder;differentiating
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Cornerstones of Managerial Accounting 2nd Edition Test Bank - Page 16 preview imageChapter1-IntroductiontoManagerialAccountingCopyright©2015NelsonEducationLimited.1-926.Managerialaccountingisdesignedprimarilyforexternalusers.a.Trueb.FalseANSWER:FalsePOINTS:1DIFFICULTY:EasyREFERENCES:p.4LEARNINGOBJECTIVES:MACC.MOWE.15.1.1-1.1NATIONALSTANDARDS:UnitedStates-AACSBAnalyticUnitedStates-IMA-CostManagement27.Managementaccountinginformationisimportantforbothfor-profitandnot-for-profitorganizations.a.Trueb.FalseANSWER:TruePOINTS:1DIFFICULTY:MediumREFERENCES:p.4LEARNINGOBJECTIVES:MACC.MOWE.15.1.1-1.1NATIONALSTANDARDS:UnitedStates-AACSBAnalyticUnitedStates-IMA-CostManagement28.Themanagerialactivityofmonitoringaplan’simplementationandtakingcorrectiveactionasneededisreferredtoasdecisionmaking.a.Trueb.FalseANSWER:FalsePOINTS:1DIFFICULTY:MediumREFERENCES:p.5LEARNINGOBJECTIVES:MACC.MOWE.15.1.1-1.1NATIONALSTANDARDS:UnitedStates-AACSBAnalyticUnitedStates-IMA-CostManagement29.Theprocessofchoosingamongcompetingalternativesisdecisionmaking.a.Trueb.FalseANSWER:TruePOINTS:1DIFFICULTY:MediumREFERENCES:p.5LEARNINGOBJECTIVES:MACC.MOWE.15.1.1-1.1NATIONALSTANDARDS:UnitedStates-AACSBAnalyticUnitedStates-IMA-CostManagement
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