Question 1

Accounting transactions are very important to a firm's operations.All of the following activities would affect account balances EXCEPT:

Accepted Answer

A) buying and selling goods and services. 
B) using supplies. 
C) paying taxes. 
D) forecasting consumer demand. 
A) buying and selling goods and services. 
B) using supplies. 
C) paying taxes. 
D) forecasting consumer demand.

Question 2

Accounting software for small businesses has become so sophisticated that most small business owners will never need to consult with an actual accountant.

Accepted Answer

A) True 
 B)False

Question 3

The accounting profession is divided into two main fields: bookkeeping and auditing.

Accepted Answer

A) True 
 B)False

Question 4

What is the major problem a Canadian company faces when they look to form a joint venture globally?

Accepted Answer

One problem that oft

Question 5

How many professional accounting designations does Canada have?

Accepted Answer

A) One 
B) Two 
C) Three 
D) Four 
A) One 
B) Two 
C) Three 
D) Four

Question 6

Financial accounting is used to provide information and analysis that managers within the organization can use to assist them in decision making.

Accepted Answer

A) True 
 B)False

Question 7

________ measures the amount of profit earned by a company for each share of outstanding common stock.

Accepted Answer

A) Basic earnings per share (basic EPS) 
B) Diluted earnings per share (diluted EPS) 
C) Simple earnings per share (simple EPS) 
D) Return on shares outstanding (RSO) 
A) Basic earnings per share (basic EPS) 
B) Diluted earnings per share (diluted EPS) 
C) Simple earnings per share (simple EPS) 
D) Return on shares outstanding (RSO)

Question 8

The accounting statement that reports cash receipts and disbursements for a business is called the:

Accepted Answer

A) income statement. 
B) balance sheet. 
C) cash flow statement. 
D) cash basis trial balance. 
A) income statement. 
B) balance sheet. 
C) cash flow statement. 
D) cash basis trial balance.

Question 9

The "bottom line" of an income statement is the net worth of the firm.

Accepted Answer

A) True 
 B)False

Question 10

When a firm sells merchandise from its inventory,there are different techniques used to calculate the cost of goods sold.

Accepted Answer

A) True 
 B)False

Question 11

__________ is the accounting practice of recording every transaction in two places.

Accepted Answer

A) Double-entry bookkeeping 
B) Trial balancing 
C) Account matching 
D) Entry duplication 
A) Double-entry bookkeeping 
B) Trial balancing 
C) Account matching 
D) Entry duplication

Question 12

General expenses would include office salaries,rent,and insurance.

Accepted Answer

A) True 
 B)False

Question 13

In Canada,there are three different professional accounting designations.

Accepted Answer

A) True 
 B)False

Question 14

At present,accounting software packages have proven to be too complex and expensive to be useful for owners of small businesses.

Accepted Answer

A) True 
 B)False

Question 15

_________ is the systematic write-off of the value of a tangible asset over its useful life.

Accepted Answer

A) Expense structuring 
B) Amortization 
C) Capital budgeting 
D) Gross margin allocation 
A) Expense structuring 
B) Amortization 
C) Capital budgeting 
D) Gross margin allocation

Question 16

Many business decisions are made in hopes of improving a firm's "bottom line".Which of the following financial statements will reflect a firm's "bottom line?"

Accepted Answer

A) income statement 
B) balance sheet 
C) cash flow statement 
D) trial balance 
A) income statement 
B) balance sheet 
C) cash flow statement 
D) trial balance

Question 17

The financial ratios that measure management's effectiveness in using the assets of the organization are called the ________ ratios.

Accepted Answer

A) leverage 
B) liquidity 
C) activity 
D) profitability 
A) leverage 
B) liquidity 
C) activity 
D) profitability

Question 18

An extremely high inventory turnover ratio may represent lost sales due to holding inadequate stocks of merchandise.

Accepted Answer

A) True 
 B)False

Question 19

The balance sheet reports revenues and selling costs for a period of time.

Accepted Answer

A) True 
 B)False

Question 20

A basic purpose of accounting is to:

Accepted Answer

A) provide financial information that is useful to decision makers HYPERLINK "" . 
B) show a profit 
C) track employee productivity 
D) act as a tool for the human relations department 
A) provide financial information that is useful to decision makers HYPERLINK "" . 
B) show a profit 
C) track employee productivity 
D) act as a tool for the human relations department

Accounting transactions are very important to a firm's operations.All of the following activities would affect account balances EXCEPT:

Accounting software for small businesses has become so sophisticated that most small business owners will never need to consult with an actual accountant.

The accounting profession is divided into two main fields: bookkeeping and auditing.

What is the major problem a Canadian company faces when they look to form a joint venture globally?

How many professional accounting designations does Canada have?

Financial accounting is used to provide information and analysis that managers within the organization can use to assist them in decision making.

________ measures the amount of profit earned by a company for each share of outstanding common stock.

The accounting statement that reports cash receipts and disbursements for a business is called the:

The "bottom line" of an income statement is the net worth of the firm.

When a firm sells merchandise from its inventory,there are different techniques used to calculate the cost of goods sold.

__________ is the accounting practice of recording every transaction in two places.

General expenses would include office salaries,rent,and insurance.

In Canada,there are three different professional accounting designations.

At present,accounting software packages have proven to be too complex and expensive to be useful for owners of small businesses.

_________ is the systematic write-off of the value of a tangible asset over its useful life.

Many business decisions are made in hopes of improving a firm's "bottom line".Which of the following financial statements will reflect a firm's "bottom line?"

The financial ratios that measure management's effectiveness in using the assets of the organization are called the ________ ratios.

An extremely high inventory turnover ratio may represent lost sales due to holding inadequate stocks of merchandise.

The balance sheet reports revenues and selling costs for a period of time.

A basic purpose of accounting is to:

Taking Risks and Making Profits Within the Dynamic Business Environment

How Economic Issues Affect Business

Competing in Global Markets

The Role of Government in Business

Ethics and Social Responsibility

Forms of Business Ownership

Entrepreneurship and Starting a Small Business

Management and Leadership

Adapting Organizations to Todays Markets

Producing World-Class Goods and Services

Motivating Employees

Human Resource Management: Finding and Keeping the Best Employees

Understanding Employeemanagement Issues and Relations

Marketing: Building Customer and Stakeholder Relationships

Managing the Marketing Mix: Product, Price, Place, and Promotion

Financial Management

The Financial Services Industry in Canada

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Exam 16: Understanding Accounting and Financial Information

Accounting transactions are very important to a firm's operations.All of the following activities would affect account balances EXCEPT:

Accounting software for small businesses has become so sophisticated that most small business owners will never need to consult with an actual accountant.

The accounting profession is divided into two main fields: bookkeeping and auditing.

What is the major problem a Canadian company faces when they look to form a joint venture globally?

How many professional accounting designations does Canada have?

Financial accounting is used to provide information and analysis that managers within the organization can use to assist them in decision making.

________ measures the amount of profit earned by a company for each share of outstanding common stock.

The accounting statement that reports cash receipts and disbursements for a business is called the:

The "bottom line" of an income statement is the net worth of the firm.

When a firm sells merchandise from its inventory,there are different techniques used to calculate the cost of goods sold.

__________ is the accounting practice of recording every transaction in two places.

General expenses would include office salaries,rent,and insurance.

In Canada,there are three different professional accounting designations.

At present,accounting software packages have proven to be too complex and expensive to be useful for owners of small businesses.

_________ is the systematic write-off of the value of a tangible asset over its useful life.

Many business decisions are made in hopes of improving a firm's "bottom line".Which of the following financial statements will reflect a firm's "bottom line?"

The financial ratios that measure management's effectiveness in using the assets of the organization are called the ________ ratios.

An extremely high inventory turnover ratio may represent lost sales due to holding inadequate stocks of merchandise.

The balance sheet reports revenues and selling costs for a period of time.

A basic purpose of accounting is to:

Taking Risks and Making Profits Within the Dynamic Business Environment

How Economic Issues Affect Business

Competing in Global Markets

The Role of Government in Business

Ethics and Social Responsibility

Forms of Business Ownership

Entrepreneurship and Starting a Small Business

Management and Leadership

Adapting Organizations to Todays Markets

Producing World-Class Goods and Services

Motivating Employees

Human Resource Management: Finding and Keeping the Best Employees

Understanding Employeemanagement Issues and Relations

Marketing: Building Customer and Stakeholder Relationships

Managing the Marketing Mix: Product, Price, Place, and Promotion

Financial Management

The Financial Services Industry in Canada

Filters