Question 1

______ activities focus on providing valuable assets to a business.

Accepted Answer

A)  Investing 
B)  Marketing 
C)  Selling 
D)  Operating 
A)  Investing 
B)  Marketing 
C)  Selling 
D)  Operating

Question 2

Which of the following are NOT users of accounting information within an organization?

Accepted Answer

A)  managers 
B)  union officials 
C)  it personnel 
D)  consumer groups 
A)  managers 
B)  union officials 
C)  it personnel 
D)  consumer groups

Question 3

What is accounting? Provide examples of tasks that accountants perform.

Accepted Answer

Accounting is the process of measuring,

Question 4

Canadian public companies are required to use ______ that allow for easy comparison of financial statements from country to country.

Accepted Answer

A)  International Accounting Standards Board 
B)  Accounting Standards for Private Enterprises 
C)  International Financial Reporting Standards 
D)  Accounting Standards Board 
A)  International Accounting Standards Board 
B)  Accounting Standards for Private Enterprises 
C)  International Financial Reporting Standards 
D)  Accounting Standards Board

Question 5

Raphael works as a tax accountant at a mid-sized manufacturing company. Raphael would be considered a ______.

Accepted Answer

A)  management consultant 
B)  management accountant 
C)  public accountant 
D)  government accountant 
A)  management consultant 
B)  management accountant 
C)  public accountant 
D)  government accountant

Question 6

Explain the primary responsibility of the Accounting Standards Board.

Accepted Answer

The Accounting Standards Board (AcSB) is

Question 7

Management accountants are employed by public accounting firms.

Accepted Answer

A) True 
 B)False

Question 8

It is mandatory for companies that trade on a public stock exchange to use IFRS (International Financial Reporting Standards).

Accepted Answer

A) True 
 B)False

Question 9

Samantha works for a mid-sized manufacturing company. Her responsibility is to examine the firm's financial practices to ensure that records include accurate data and that the firm's operations are in compliance with federal, provincial, and local laws and regulations. Samantha is a (n) ______.

Accepted Answer

A)  government accountant 
B)  cost accountant 
C)  internal auditor 
D)  tax accountant 
A)  government accountant 
B)  cost accountant 
C)  internal auditor 
D)  tax accountant

Question 10

Complete the following using the terms listed below.
-______ measure a firm's ability to meet its short-term obligations when they come due.

Accepted Answer

A) Chartered Professional Accountant 
B) International Financial Reporting Standards 
C) Asset 
D) Liability 
E) owners' equity
F)accounting equation
G)balance sheet
H)income statement
I)Corruption of Foreign Public Officials Act
J)accrual accounting
K)open book management
L)Budget
M)GAAP
N)AcSB
O)profitability ratio
P)International Accounting Standards Committee
Q)liquidity ratios
R)budget 
A) Chartered Professional Accountant 
B) International Financial Reporting Standards 
C) Asset 
D) Liability 
E) owners' equity
F)accounting equation
G)balance sheet
H)income statement
I)Corruption of Foreign Public Officials Act
J)accrual accounting
K)open book management
L)Budget
M)GAAP
N)AcSB
O)profitability ratio
P)International Accounting Standards Committee
Q)liquidity ratios
R)budget

Question 11

Describe the purpose of budgets in a business.

Accepted Answer

Budgets are financial guidelines for fut

Question 12

Briefly explain the purpose of financial ratios and each of its four categories as well as the major ratios used in each category.

Accepted Answer

Financial ratios are used by managers to

Question 13

Double-entry bookkeeping refers to the process by which accounting transactions are recorded.

Accepted Answer

A) True 
 B)False

Question 14

On a statement of changes in equity, ______.

Accepted Answer

A)  net income is subtracted and cash dividends are added 
B)  net income is added and cash dividends paid are subtracted 
C)  net income is subtracted and cash dividends are subtracted 
D)  net income is added and cash dividends are added 
A)  net income is subtracted and cash dividends are added 
B)  net income is added and cash dividends paid are subtracted 
C)  net income is subtracted and cash dividends are subtracted 
D)  net income is added and cash dividends are added

Question 15

Complete the following using the terms listed below.
-The accounting method that records revenues and expenses when they occur is called ______.

Accepted Answer

A) Chartered Professional Accountant 
B) International Financial Reporting Standards 
C) Asset 
D) Liability 
E) owners' equity
F)accounting equation
G)balance sheet
H)income statement
I)Corruption of Foreign Public Officials Act
J)accrual accounting
K)open book management
L)Budget
M)GAAP
N)AcSB
O)profitability ratio
P)International Accounting Standards Committee
Q)liquidity ratios
R)budget 
A) Chartered Professional Accountant 
B) International Financial Reporting Standards 
C) Asset 
D) Liability 
E) owners' equity
F)accounting equation
G)balance sheet
H)income statement
I)Corruption of Foreign Public Officials Act
J)accrual accounting
K)open book management
L)Budget
M)GAAP
N)AcSB
O)profitability ratio
P)International Accounting Standards Committee
Q)liquidity ratios
R)budget

Question 16

Morgan works for a travel agency. Her job involves preparing financial reports and interpreting those reports to provide information for decision making. Which title is appropriate for Morgan's job?

Accepted Answer

A)  investor 
B)  systems analyst 
C)  accountant 
D)  auditor 
A)  investor 
B)  systems analyst 
C)  accountant 
D)  auditor

Question 17

______ ratios are designed to indicate how successful a firm is in terms of its earnings as compared with its assets or owners' equity.

Accepted Answer

A)  Profitability 
B)  Liquidity 
C)  Activity 
D)  Debt 
A)  Profitability 
B)  Liquidity 
C)  Activity 
D)  Debt

Question 18

An international firm's consolidated financial statements must show any gains or losses caused by changes in exchange rates during specific periods of time.

Accepted Answer

A) True 
 B)False

Question 19

The Ming Company sells $1,000 worth of goods on July 25 on credit. The customer sends the company a cheque on August 15. The customer receives the goods on September 1. Assuming the company uses accrual accounting, the sale will be recorded in ______.

Accepted Answer

A)  August 
B)  July 
C)  September 
D)  either July, August, or September 
A)  August 
B)  July 
C)  September 
D)  either July, August, or September

Question 20

What is the primary role of a government accountant?

Accepted Answer

A)  determining how efficiently the organization accomplishes its objectives 
B)  determining how much money the organization is taking in 
C)  determining the cost of goods and services provided by the organization 
D)  preparing the organization's tax return 
A)  determining how efficiently the organization accomplishes its objectives 
B)  determining how much money the organization is taking in 
C)  determining the cost of goods and services provided by the organization 
D)  preparing the organization's tax return

______ activities focus on providing valuable assets to a business.

Which of the following are NOT users of accounting information within an organization?

What is accounting? Provide examples of tasks that accountants perform.

Canadian public companies are required to use ______ that allow for easy comparison of financial statements from country to country.

Raphael works as a tax accountant at a mid-sized manufacturing company. Raphael would be considered a ______.

Explain the primary responsibility of the Accounting Standards Board.

Management accountants are employed by public accounting firms.

It is mandatory for companies that trade on a public stock exchange to use IFRS (International Financial Reporting Standards).

Samantha works for a mid-sized manufacturing company. Her responsibility is to examine the firm's financial practices to ensure that records include accurate data and that the firm's operations are in compliance with federal, provincial, and local laws and regulations. Samantha is a (n) ______.

Complete the following using the terms listed below. -______ measure a firm's ability to meet its short-term obligations when they come due.

Describe the purpose of budgets in a business.

Briefly explain the purpose of financial ratios and each of its four categories as well as the major ratios used in each category.

Double-entry bookkeeping refers to the process by which accounting transactions are recorded.

On a statement of changes in equity, ______.

Complete the following using the terms listed below. -The accounting method that records revenues and expenses when they occur is called ______.

Morgan works for a travel agency. Her job involves preparing financial reports and interpreting those reports to provide information for decision making. Which title is appropriate for Morgan's job?

______ ratios are designed to indicate how successful a firm is in terms of its earnings as compared with its assets or owners' equity.

An international firm's consolidated financial statements must show any gains or losses caused by changes in exchange rates during specific periods of time.

The Ming Company sells $1,000 worth of goods on July 25 on credit. The customer sends the company a cheque on August 15. The customer receives the goods on September 1. Assuming the company uses accrual accounting, the sale will be recorded in ______.

What is the primary role of a government accountant?

The Changing Face of Business

Business Ethics and Social Responsibility

Economic Challenges Facing Contemporary Business

Competing in World Markets

Forms of Business Ownership and Organization

Starting Your Own Business: the Entrepreneurship Alternative

Management, Leadership, and the Internal Organization

Human Resource Management: From Recruitment to Labour Relations

Top Performance Through Empowerment, Teamwork, and Communication

Production and Operations Management

Customer-Driven Marketing

Product and Distribution Strategies

Promotion and Pricing Strategies

Using Technology to Manage Information

The Financial System

Financial Management

Filters

Exam 15: Understanding Accounting and Financial Statements

______ activities focus on providing valuable assets to a business.

Which of the following are NOT users of accounting information within an organization?

What is accounting? Provide examples of tasks that accountants perform.

Canadian public companies are required to use ______ that allow for easy comparison of financial statements from country to country.

Raphael works as a tax accountant at a mid-sized manufacturing company. Raphael would be considered a ______.

Explain the primary responsibility of the Accounting Standards Board.

Management accountants are employed by public accounting firms.

It is mandatory for companies that trade on a public stock exchange to use IFRS (International Financial Reporting Standards).

Samantha works for a mid-sized manufacturing company. Her responsibility is to examine the firm's financial practices to ensure that records include accurate data and that the firm's operations are in compliance with federal, provincial, and local laws and regulations. Samantha is a (n) ______.

Complete the following using the terms listed below. -______ measure a firm's ability to meet its short-term obligations when they come due.

Describe the purpose of budgets in a business.

Briefly explain the purpose of financial ratios and each of its four categories as well as the major ratios used in each category.

Double-entry bookkeeping refers to the process by which accounting transactions are recorded.

On a statement of changes in equity, ______.

Complete the following using the terms listed below. -The accounting method that records revenues and expenses when they occur is called ______.

Morgan works for a travel agency. Her job involves preparing financial reports and interpreting those reports to provide information for decision making. Which title is appropriate for Morgan's job?

______ ratios are designed to indicate how successful a firm is in terms of its earnings as compared with its assets or owners' equity.

An international firm's consolidated financial statements must show any gains or losses caused by changes in exchange rates during specific periods of time.

The Ming Company sells $1,000 worth of goods on July 25 on credit. The customer sends the company a cheque on August 15. The customer receives the goods on September 1. Assuming the company uses accrual accounting, the sale will be recorded in ______.

What is the primary role of a government accountant?

The Changing Face of Business

Business Ethics and Social Responsibility

Economic Challenges Facing Contemporary Business

Competing in World Markets

Forms of Business Ownership and Organization

Starting Your Own Business: the Entrepreneurship Alternative

Management, Leadership, and the Internal Organization

Human Resource Management: From Recruitment to Labour Relations

Top Performance Through Empowerment, Teamwork, and Communication

Production and Operations Management

Customer-Driven Marketing

Product and Distribution Strategies

Promotion and Pricing Strategies

Using Technology to Manage Information

The Financial System

Financial Management

Filters