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Chapter 1 End-of-Chapter Assignment and Lab Solutions

 

Multiple Choice Questions

1. (LO 1-2) Which is the lowest level of skills in Bloom’s Taxonomy?
   1. Create
   2. Remember
   3. Apply
   4. Analyze
2. (LO 1-2) Which is the highest level of skills in Bloom’s Taxonomy?
   1. Create
   2. Apply
   3. Analyze
   4. Understand
3. (LO 1-2) Which is the appropriate ordering of skills in Bloom’s Taxonomy, where the “>” symbol means higher order skills?
   1. Remember > Apply
   2. Apply > Analyze
   3. Analyze > Evaluate
   4. Create > Analyze
4. (LO 1-3) Which component of the AMPS model most appropriately addresses the axiom, “Your data won’t speak unless you ask it the right data analytics questions”?
   1. Ask the Question
   2. Master the Data
   3. Perform the Analysis
   4. Share the Story
5. (LO 1-3) Which component of the AMPS model most appropriately addresses the question of the best way to communicate data analytics findings with a decision maker?
   1. Ask the Question
   2. Master the Data
   3. Perform the Analysis
   4. Share the Story
6. (LO 1-3) What type of question is predicting whether a company will go bankrupt in the coming two years?
   1. What happened? What is happening?
   2. Why did it happen? What are the root causes of past results?
   3. Will it happen in the future? What is the probability something will happen? Is it forecastable?
   4. What should we do based on what we expect will happen? How do we optimize our performance based on potential constraints?”
7. (LO 1-3) What type of question is choosing to take certain tax deductions based on the way managers believe tax legislation will change in the near future?
   1. What happened? What is happening?
   2. Why did it happen? What are the root causes of past results?
   3. Will it happen in the future? What is the probability something will happen? Is it forecastable?
   4. What should we do based on what we expect will happen? How do we optimize our performance based on potential constraints?”
8. (LO 1-3) What type of question is finding the detail to more clearly understand why net income is decreasing when revenues are increasing?
   1. What happened? What is happening?
   2. Why did it happen? What are the root causes of past results?
   3. Will it happen in the future? What is the probability something will happen? Is it forecastable?
   4. What should we do based on what we expect will happen? How do we optimize our performance based on potential constraints?”
9. (LO 1-3) What type of question is determining how much a company paid for state and federal income tax?
   1. What happened? What is happening?
   2. Why did it happen? What are the root causes of past results?
   3. Will it happen in the future? What is the probability something will happen? Is it forecastable?
   4. What should we do based on what we expect will happen? How do we optimize our performance based on potential constraints?”
10. (LO 1-3) A ______________ might be used to evaluate which journal entries are outliers.
    1. regression analysis
    2. Benford’s law analysis
    3. histogram
    4. sum function (Excel SUM())

 

Discussion Questions

 

1. (LO 1-1) The computer is better at automated, repetitive tasks since it can be programmed. The computer is also not subject to fatigue and can process massive amounts of data easier than a human can.  Most of the value-added tasks and higher order thinking skills, such as analyzing, evaluating and creating, are performed better by human accountants because they are not easily programmed by a set of fixed rules.  The ability to recognize tradeoffs, evaluating alternatives, and evaluating ad hoc facts are all better performed by humans.

(LO 1-2) The skills taught in the introduction to financial accounting were the lower order thinking skills (noted in Bloom’s Taxonomy) such as remembering, understanding and applying.  Application of journal entries, computing trial