BAF 3M Chapter 1 DEBBIE

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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

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.

the accounting procedures of a large company.

serving the general public.

testing a firm’s records and procedures for accuracy.

1

Accounting controls serve to promote employee

happiness.

honesty.

efficiency.

loyalty.

1

Which of the following is not a merchandising firm?

grocery store

Best Buy

Canadian Tire

a hairdresser

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 partnership.

a sole proprietorship.

1

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

decision making.

sorting.

calculating.

storing.

1

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.

1

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.

3

1

3

5

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

7

BAF 3M Chapter 1 DEBBIE

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:

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: