BAF 3M 🏁 Ch. 1 RETAKE A

Instructions

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.

1

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

1

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

1

Computers have eliminated six steps of the accounting cycle.

1

A medical clinic is considered to be a merchandising business.

1

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

1

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

1

Shareholders are the owners of a corporation.

1

A bookkeeper may also be called an accounting clerk.

1

Computers will soon make accounting skills unnecessary.

1

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

1

Auditing may be described as

1

Accounting controls serve to promote employee

1

Which of the following is not a merchandising firm?

1

A business with more than one owner is called

1

A fiscal period may be described as

1

A business called Holiday Homes Ltd. is organized as

1

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

1

Public accountants are different from professional accountants because they

1

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

3

The work of an accountant requires more _______ and _______ than that of a bookkeeper, whose duties are more _______ in nature.

1

The usual length of a fiscal period is _______ .

1

A business called J. Armstrong, Landscaper is an example of the type of business organization called a(n) _______ .

1

The _______ is a recurring set of accounting procedures carried out during each 
fiscal period.

1

Computers have not eliminated the need for accounting skills becuase they cannot _______ 

1

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)

3

Name three other groups that might be interested in a firm's financial information.
_______ _______ _______ 

5

The main activities involved in accounting are

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: