Already Completed, removed. 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
Already Completed, removed. 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
1.
Question 2
2.
Question 3
3.
Question 4
4.
Question 5
5.
Question 6
6.
Question 7
7.
Question 8
8.
Question 9
9.
Question 10
10.
Question 11
11.
The work of an accountant requires more _______ and _______ than that of a bookkeeper, whose duties are more _______ in nature.
Question 12
12.
The usual length of a fiscal period is _______ .
Question 13
13.
A business called J. Armstrong, Landscaper is an example of the type of business organization called a(n) _______ .
Question 14
14.
The _______ is a recurring set of accounting procedures carried out during each
fiscal period.
Question 15
15.
Computers have not eliminated the need for accounting skills becuase they cannot _______
Question 16
16.
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 17
17.
Name three other groups that might be interested in a firm's financial information.
_______ _______ _______
Question 18
18.
Question 19
19.
A good accounting system should provide adequate information for the use of
All of the above.
the management of the firm.
the government.
lenders.
the owner of the firm.
Auditing may be described as
keeping accounting records for the government.
the accounting procedures of a large company.
serving the general public.
testing a firm’s records and procedures for accuracy.
Accounting controls serve to promote employee
happiness.
honesty.
efficiency.
loyalty.
Which of the following is not a merchandising firm?
grocery store
Best Buy
Canadian Tire
a hairdresser
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 amount of time needed to earn a profit.
the time needed to pay all debts.
the time period required to complete the accounting cycle.
A business called Holiday Homes Ltd. is organized as
a government agency.
a corporation.
a partnership.
a sole proprietorship.
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.
have greater accounting knowledge.
serve the public for a fee.
work for the government.
The three Canadian accounting designations (CA, CGA, CMA) are similar in that they all
focus specifically on accounting for manufacturing businesses.
require passing a three-day examination before certification.
require about seven years of combined post-secondary education and work experience.
prepare applicants equally for a career in any area of accounting.
The main activities involved in accounting are
rearranging financial information into a less useable form
gathering financial information
gathering municipal information
preparing and collecting permanent records
establishing controls to promote accuracy and honesty
estbalishing loopholes to make more money
rearranging financial information into a more usable form
preparing information reports and summaries
The number-crunching activities that computers do very well are: