10 True or False - correct a false statement using the "show your work"
10 Multiple Choice
7 Fill in the Blank (use word bank below)
2 Multiple Selection
Word Bank for Fill in the Blank
accounting cycle
clerical
education
experience
government
International Financial Reporting Standards
investor
make decisions
one year
owner
sole proprietorship
10 True or False - correct a false statement using the "show your work"
10 Multiple Choice
7 Fill in the Blank (use word bank below)
2 Multiple Selection
Word Bank for Fill in the Blank
accounting cycle
clerical
education
experience
government
International Financial Reporting Standards
investor
make decisions
one year
owner
sole proprietorship
Question 1
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Question 2
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Question 3
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Question 4
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Question 5
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Question 6
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Question 7
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Question 8
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Question 9
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Question 10
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Question 11
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Question 12
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Question 13
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Question 14
14.
Question 15
15.
Question 16
16.
Question 17
17.
Question 18
18.
Question 19
19.
Question 20
20.
Question 21
21.
The work of an accountant requires more _______ and _______ than that of a bookkeeper, whose duties are more _______ in nature.
Question 22
22.
The usual length of a fiscal period is _______ .
Question 23
23.
A business called J. Armstrong, Landscaper is an example of the type of business organization called a(n) _______ .
Question 24
24.
The _______ is a recurring set of accounting procedures carried out during each
fiscal period.
Question 25
25.
Computers have not eliminated the need for accounting skills because they cannot _______
Question 26
26.
In 2011, new accounting rules were introduced in Canada to better match global standards. These rules are called theIn 2011, new accounting rules were introduced in Canada to better match global standards. These rules are called the _______ (four words)
Question 27
27.
Name three other groups that might be interested in a firm's financial information.
_______ _______ _______
Question 28
28.
Question 29
29.
Preparing your income tax return is made easier by a knowledge of accounting.
True
False
A knowledge of accounting is not helpful to people who own their own business because other employees do the accounting tasks.
True
False
Many senior management positions require one of the three accounting designations (CA, CMA, CGA).
True
False
Computers have eliminated six steps of the accounting cycle.
True
False
A medical clinic is considered to be a merchandising business.
True
False
A merchandising business buys goods and resells them at a higher price.
True
False
A non-profit organization is any firm that has recently lost money on its operation.
True
False
Shareholders are the owners of a corporation.
True
False
A bookkeeper may also be called an accounting clerk.
True
False
Computers will soon make accounting skills unnecessary.
True
False
A good accounting system should provide adequate information for the use of
the owner of the firm.
the management of the firm.
the government.
All of the above.
lenders.
Auditing may be described as
the accounting procedures of a large company.
keeping accounting records for the government.
serving the general public.
testing a firm’s records and procedures for accuracy.
Accounting controls serve to promote employee
honesty.
loyalty.
happiness.
efficiency.
Which of the following is not a merchandising firm?
Best Buy
Canadian Tire
a hairdresser
grocery store
A business with more than one owner is called
a sole proprietorship.
a partnership.
a limited proprietorship.
a franchise.
A fiscal period may be described as
the time period required to collect all debts.
the time needed to pay all debts.
the time period required to complete the accounting cycle.
the amount of time needed to earn a profit.
A business called Holiday Homes Ltd. is organized as
a government agency.
a partnership.
a sole proprietorship.
a corporation.
Computers are important in accounting but they cannot perform the task of
decision making.
sorting.
calculating.
storing.
Public accountants are different from professional accountants because they
perform more industrial work.
serve the public for a fee.
work for the government.
have greater accounting knowledge.
The three Canadian accounting designations (CA, CGA, CMA) are similar in that they all
require passing a three-day examination before certification.
require about seven years of combined post-secondary education and work experience.
focus specifically on accounting for manufacturing businesses.
prepare applicants equally for a career in any area of accounting.
The main activities involved in accounting are
preparing and collecting permanent records
rearranging financial information into a more usable form
rearranging financial information into a less useable form
gathering financial information
gathering municipal information
establishing controls to promote accuracy and honesty
estbalishing loopholes to make more money
preparing information reports and summaries
The number-crunching activities that computers do very well are: