Business 1000 Final Exam Questions
and All Actual Answers 2026 Updated.
Accounting - Answer A comprehensive system for collecting, analyzing and communicating
financial information. Results in a set of financial statements.
Bookkeeping - Answer The first step in accounting. Recording transactions.
Controller - Answer Person who manages all the firms activities. Size of the department
motor people work there and there are more titles.
Business Managers - Answer Need accounting to; set goals & budgets, develop plans,
evaluate opportunities. (internal)
Employees and unions - Answer Need accounting to: get paid, to plan for and receive
benefits.
Investors and creditors. - Answer Different people who buy stocks, they keep tabs so they
know the risk. They estimate returns, future growth & credit risk.
Taxing authorities - Answer They want to know people are remitting the right taxes. They
plan for tax flow, determine tax liabilities and aid in collection. (external)
Government regulatory agencies. - Answer The watch dogs making sure financial statements
are prepared properly. Protects investors interests. (external)
Financial Accounting - Answer Keeps interested external parties informed about the firm's
financial condition. Ex: wage cost for Air Canada for 2016
Managerial Accounting - Answer Keeps internal paries (managers) informed of how the firm
is doing financially. Looks at just a piece of the company. Ex: wage cost for Atlantic Canada.
Auditing - Answer Examination of financial records to ensure fair representation and proper
procedures. Looks at financial statements for .
Forensic accounting - Answer Tracking down hidden funds in business firms (generally part of
an investigation)
, Tax Services - Answer Tax return preparation and tax planning.
Management Consulting Services. - Answer From personal financial planning to business
planning. Used to do special projects like muskrat falls.
Private Accountants. - Answer Hired as salaried employees, deal with day-to-day accounting
needs. Small business may have just one, however large business' may have many area
specialists.
Asset - Answer Anything of economic value owned by a firm or individual. Can be short term
or long term.
Liability - Answer Any debt owed by a firm or an individual to others. Can be short term or
long term.
Owners Equity - Answer Any positive difference between a firm's assets and liabilities.
original investments plus profit earned minus losses.
Balance Sheet - Answer Firms financial position at one point in time. (assets, liabilities,
owners equity)
Income Statement - Answer Presents revenues and expenses and profits or losses during a
period or time. Looks at how management has looked after the money.
Statement of Cash Flow - Answer Presents generation, and use, of cash during a period of
time.
Current Assets - Answer Cash and assets that can be converted into cash within the year
listed in order of liquidity.
Accounts Receivable - Answer Invoices, or amounts owed to the firm by customers.
Inventory - Answer Costs of merchandise acquired for sale but not yet sold.
Prepaid expenses - Answer Supplies on hand and rent (other bills) paid for coming period.
Fixed Assets - Answer Have a long term use or value (land, building, machinery)
and All Actual Answers 2026 Updated.
Accounting - Answer A comprehensive system for collecting, analyzing and communicating
financial information. Results in a set of financial statements.
Bookkeeping - Answer The first step in accounting. Recording transactions.
Controller - Answer Person who manages all the firms activities. Size of the department
motor people work there and there are more titles.
Business Managers - Answer Need accounting to; set goals & budgets, develop plans,
evaluate opportunities. (internal)
Employees and unions - Answer Need accounting to: get paid, to plan for and receive
benefits.
Investors and creditors. - Answer Different people who buy stocks, they keep tabs so they
know the risk. They estimate returns, future growth & credit risk.
Taxing authorities - Answer They want to know people are remitting the right taxes. They
plan for tax flow, determine tax liabilities and aid in collection. (external)
Government regulatory agencies. - Answer The watch dogs making sure financial statements
are prepared properly. Protects investors interests. (external)
Financial Accounting - Answer Keeps interested external parties informed about the firm's
financial condition. Ex: wage cost for Air Canada for 2016
Managerial Accounting - Answer Keeps internal paries (managers) informed of how the firm
is doing financially. Looks at just a piece of the company. Ex: wage cost for Atlantic Canada.
Auditing - Answer Examination of financial records to ensure fair representation and proper
procedures. Looks at financial statements for .
Forensic accounting - Answer Tracking down hidden funds in business firms (generally part of
an investigation)
, Tax Services - Answer Tax return preparation and tax planning.
Management Consulting Services. - Answer From personal financial planning to business
planning. Used to do special projects like muskrat falls.
Private Accountants. - Answer Hired as salaried employees, deal with day-to-day accounting
needs. Small business may have just one, however large business' may have many area
specialists.
Asset - Answer Anything of economic value owned by a firm or individual. Can be short term
or long term.
Liability - Answer Any debt owed by a firm or an individual to others. Can be short term or
long term.
Owners Equity - Answer Any positive difference between a firm's assets and liabilities.
original investments plus profit earned minus losses.
Balance Sheet - Answer Firms financial position at one point in time. (assets, liabilities,
owners equity)
Income Statement - Answer Presents revenues and expenses and profits or losses during a
period or time. Looks at how management has looked after the money.
Statement of Cash Flow - Answer Presents generation, and use, of cash during a period of
time.
Current Assets - Answer Cash and assets that can be converted into cash within the year
listed in order of liquidity.
Accounts Receivable - Answer Invoices, or amounts owed to the firm by customers.
Inventory - Answer Costs of merchandise acquired for sale but not yet sold.
Prepaid expenses - Answer Supplies on hand and rent (other bills) paid for coming period.
Fixed Assets - Answer Have a long term use or value (land, building, machinery)
