Question 1

Revenue represents the dollar amount of what is received for goods sold,services rendered,and from other financial sources.

Accepted Answer

A) True 
 B)False

Question 2

Assets are listed on the balance sheet according to their liquidity.

Accepted Answer

A) True 
 B)False

Question 3

As an accountant,Joe Billings would be most likely to be involved in:

Accepted Answer

A) summarizing and interpreting financial information needed by his firm's managers. 
B) developing plans to help his company establish a supply chain. 
C) setting prices for specific goods. 
D) developing a fringe benefit program that improves employee morale. 
A) summarizing and interpreting financial information needed by his firm's managers. 
B) developing plans to help his company establish a supply chain. 
C) setting prices for specific goods. 
D) developing a fringe benefit program that improves employee morale.

Question 4

Name two purposes of accounting.

Accepted Answer

One purpose is to help managers evaluate

Question 5

Double-entry bookkeeping requires that every transaction be recorded in two places.

Accepted Answer

A) True 
 B)False

Question 6

In Canada,there are three different professional accounting designations.

Accepted Answer

A) True 
 B)False

Question 7

The cash flow statement identifies three sources of cash receipts and disbursements: assets,liabilities,and owners' equities.

Accepted Answer

A) True 
 B)False

Question 8

Debts that are due in one year or less are classified as:

Accepted Answer

A) current liabilities. 
B) callable debts. 
C) debit items. 
D) immediate expenses. 
A) current liabilities. 
B) callable debts. 
C) debit items. 
D) immediate expenses.

Question 9

Tickets sold for the Rolling Stones concert are considered to be the net income for the concert promoter.

Accepted Answer

A) True 
 B)False

Question 10

Rents,salaries,utilities,and insurance are all examples of operating expenses.

Accepted Answer

A) True 
 B)False

Question 11

Brianne is a bookkeeper for Kitty Creations Limited.Part of her job would be to take the firm's transactions and record them in books or computer programs referred to as:

Accepted Answer

A) debit programs. 
B) asset databases. 
C) credit accounts. 
D) journals. 
A) debit programs. 
B) asset databases. 
C) credit accounts. 
D) journals.

Question 12

One advantage of the double-entry method of bookkeeping is that it can help identify mistakes made in recording financial transactions.

Accepted Answer

A) True 
 B)False

Question 13

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

Accepted Answer

A) True 
 B)False

Question 14

It is almost impossible to run a company effectively without the ability to read and understand basic accounting reports and financial statements.

Accepted Answer

A) True 
 B)False

Question 15

As the burden of taxes grows in the economy,the role of the auditor becomes increasingly important to the organization.

Accepted Answer

A) True 
 B)False

Question 16

The Canada Revenue Agency (CRA)is responsible for establishing accounting standards used by accountants working in government accounting.

Accepted Answer

A) True 
 B)False

Question 17

A firm's basic earnings per share measures how much profit was earned for each dollar invested by the firm's owners.

Accepted Answer

A) True 
 B)False

Question 18

Patents and copyrights would be classified as:

Accepted Answer

A) intangible assets. 
B) current assets. 
C) owners' equity. 
D) fixed assets. 
A) intangible assets. 
B) current assets. 
C) owners' equity. 
D) fixed assets.

Question 19

Jamal is an accountant employed by Acctex,Inc.Jamal is an example of a public accountant.

Accepted Answer

A) True 
 B)False

Question 20

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

Revenue represents the dollar amount of what is received for goods sold,services rendered,and from other financial sources.

Assets are listed on the balance sheet according to their liquidity.

As an accountant,Joe Billings would be most likely to be involved in:

Name two purposes of accounting.

Double-entry bookkeeping requires that every transaction be recorded in two places.

In Canada,there are three different professional accounting designations.

The cash flow statement identifies three sources of cash receipts and disbursements: assets,liabilities,and owners' equities.

Debts that are due in one year or less are classified as:

Tickets sold for the Rolling Stones concert are considered to be the net income for the concert promoter.

Rents,salaries,utilities,and insurance are all examples of operating expenses.

Brianne is a bookkeeper for Kitty Creations Limited.Part of her job would be to take the firm's transactions and record them in books or computer programs referred to as:

One advantage of the double-entry method of bookkeeping is that it can help identify mistakes made in recording financial transactions.

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

It is almost impossible to run a company effectively without the ability to read and understand basic accounting reports and financial statements.

As the burden of taxes grows in the economy,the role of the auditor becomes increasingly important to the organization.

The Canada Revenue Agency (CRA)is responsible for establishing accounting standards used by accountants working in government accounting.

A firm's basic earnings per share measures how much profit was earned for each dollar invested by the firm's owners.

Patents and copyrights would be classified as:

Jamal is an accountant employed by Acctex,Inc.Jamal is an example of a public accountant.

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

The Dynamic Business Environment

How Economic Issues Affect Business

Competing in Global Markets

The Role of Government in Business Appendix a Working Within the Legal Environment of Business

Ethics and Social Responsibility

Forms of Business Ownership

Entrepreneurship and Starting a Small Business

Management and Leadership

Structuring Organizations for Todays Challenges

Producing World-Class Goods and Services

Motivating Employees

Human Resource Management: Finding and Keeping the Best Employees

Dealing With Employeemdashmanagement Issues and Relations

Marketing: Helping Buyers Buy

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

Financial Management Appendix C Managing Risk

The Financial Services Industry in Canada

Filters

Exam 16: Understanding Accounting and Financial Information

Revenue represents the dollar amount of what is received for goods sold,services rendered,and from other financial sources.

Assets are listed on the balance sheet according to their liquidity.

As an accountant,Joe Billings would be most likely to be involved in:

Name two purposes of accounting.

Double-entry bookkeeping requires that every transaction be recorded in two places.

In Canada,there are three different professional accounting designations.

The cash flow statement identifies three sources of cash receipts and disbursements: assets,liabilities,and owners' equities.

Debts that are due in one year or less are classified as:

Tickets sold for the Rolling Stones concert are considered to be the net income for the concert promoter.

Rents,salaries,utilities,and insurance are all examples of operating expenses.

Brianne is a bookkeeper for Kitty Creations Limited.Part of her job would be to take the firm's transactions and record them in books or computer programs referred to as:

One advantage of the double-entry method of bookkeeping is that it can help identify mistakes made in recording financial transactions.

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

It is almost impossible to run a company effectively without the ability to read and understand basic accounting reports and financial statements.

As the burden of taxes grows in the economy,the role of the auditor becomes increasingly important to the organization.

The Canada Revenue Agency (CRA)is responsible for establishing accounting standards used by accountants working in government accounting.

A firm's basic earnings per share measures how much profit was earned for each dollar invested by the firm's owners.

Patents and copyrights would be classified as:

Jamal is an accountant employed by Acctex,Inc.Jamal is an example of a public accountant.

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

The Dynamic Business Environment

How Economic Issues Affect Business

Competing in Global Markets

The Role of Government in Business Appendix a Working Within the Legal Environment of Business

Ethics and Social Responsibility

Forms of Business Ownership

Entrepreneurship and Starting a Small Business

Management and Leadership

Structuring Organizations for Todays Challenges

Producing World-Class Goods and Services

Motivating Employees

Human Resource Management: Finding and Keeping the Best Employees

Dealing With Employeemdashmanagement Issues and Relations

Marketing: Helping Buyers Buy

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

Financial Management Appendix C Managing Risk

The Financial Services Industry in Canada

Filters