BAF 3M 🏁 Ch. 1 RETAKE A

Akwankyerɛ

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

1

Preparing your income tax return is made easier by a knowledge of accounting.

Nokorɛ

Ɛnyɛ ampa

1

A knowledge of accounting is not helpful to people who own their own business because other employees do the accounting tasks.

Nokorɛ

Ɛnyɛ ampa

1

Many senior management positions require one of the three accounting designations (CA, CMA, CGA).

Nokorɛ

Ɛnyɛ ampa

1

Computers have eliminated six steps of the accounting cycle.

Nokorɛ

Ɛnyɛ ampa

1

A medical clinic is considered to be a merchandising business.

Nokorɛ

Ɛnyɛ ampa

1

A merchandising business buys goods and resells them at a higher price.

Nokorɛ

Ɛnyɛ ampa

1

A non-profit organization is any firm that has recently lost money on its operation.

Nokorɛ

Ɛnyɛ ampa

1

Shareholders are the owners of a corporation.

Nokorɛ

Ɛnyɛ ampa

1

A bookkeeper may also be called an accounting clerk.

Nokorɛ

Ɛnyɛ ampa

1

Computers will soon make accounting skills unnecessary.

Nokorɛ

Ɛnyɛ ampa

1

A good accounting system should provide adequate information for the use of

1

Auditing may be described as

keeping accounting records for the government.

testing a firm’s records and procedures for accuracy.

the accounting procedures of a large company.

serving the general public.

1

Accounting controls serve to promote employee

honesty.

loyalty.

efficiency.

happiness.

1

Which of the following is not a merchandising firm?

grocery store

Best Buy

a hairdresser

Canadian Tire

1

A business with more than one owner is called

a sole proprietorship.

a partnership.

a limited proprietorship.

a franchise.

1

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.

1

A business called Holiday Homes Ltd. is organized as

a government agency.

a corporation.

a sole proprietorship.

a partnership.

1

Computers are important in accounting but they cannot perform the task of

calculating.

decision making.

sorting.

storing.

1

Public accountants are different from professional accountants because they

have greater accounting knowledge.

perform more industrial work.

work for the government.

serve the public for a fee.

1

The three Canadian accounting designations (CA, CGA, CMA) are similar in that they all

prepare applicants equally for a career in any area of accounting.

require passing a three-day examination before certification.

focus specifically on accounting for manufacturing businesses.

require about seven years of combined post-secondary education and work experience.

3

1

3

5

The main activities involved in accounting are

preparing information reports and summaries

preparing and collecting permanent records

gathering financial information

gathering municipal information

estbalishing loopholes to make more money

rearranging financial information into a less useable form

establishing controls to promote accuracy and honesty

rearranging financial information into a more usable form

7

BAF 3M 🏁 Ch. 1 RETAKE A

Preparing your income tax return is made easier by a knowledge of accounting.

A knowledge of accounting is not helpful to people who own their own business because other employees do the accounting tasks.

Many senior management positions require one of the three accounting designations (CA, CMA, CGA).

Computers have eliminated six steps of the accounting cycle.

A medical clinic is considered to be a merchandising business.

A merchandising business buys goods and resells them at a higher price.

A non-profit organization is any firm that has recently lost money on its operation.

Shareholders are the owners of a corporation.

A bookkeeper may also be called an accounting clerk.

Computers will soon make accounting skills unnecessary.

A good accounting system should provide adequate information for the use of

Auditing may be described as

Accounting controls serve to promote employee

Which of the following is not a merchandising firm?

A business with more than one owner is called

A fiscal period may be described as

A business called Holiday Homes Ltd. is organized as

Computers are important in accounting but they cannot perform the task of

Public accountants are different from professional accountants because they

The three Canadian accounting designations (CA, CGA, CMA) are similar in that they all

The main activities involved in accounting are

The number-crunching activities that computers do very well are:

Preparing your income tax return is made easier by a knowledge of accounting.

A knowledge of accounting is not helpful to people who own their own business because other employees do the accounting tasks.

Many senior management positions require one of the three accounting designations (CA, CMA, CGA).

Computers have eliminated six steps of the accounting cycle.

A medical clinic is considered to be a merchandising business.

A merchandising business buys goods and resells them at a higher price.

A non-profit organization is any firm that has recently lost money on its operation.

Shareholders are the owners of a corporation.

A bookkeeper may also be called an accounting clerk.

Computers will soon make accounting skills unnecessary.

A good accounting system should provide adequate information for the use of

Auditing may be described as

Accounting controls serve to promote employee

Which of the following is not a merchandising firm?

A business with more than one owner is called

A fiscal period may be described as

A business called Holiday Homes Ltd. is organized as

Computers are important in accounting but they cannot perform the task of

Public accountants are different from professional accountants because they

The three Canadian accounting designations (CA, CGA, CMA) are similar in that they all

The main activities involved in accounting are

The number-crunching activities that computers do very well are: