BUS 201 - CHAPTER 11 QUESTIONS WITH ACCURATE
ANSWERS
3 accounting organizations developed in Canada to certify accounting
professionals. The three designations they created are: correct answer chartered
accountant (CA)
certified management accountant (CMA)
certified general accountant (CGA)
A company that needs but cannot generate cash—a company that's not "liquid"—
may be forced to correct answer sell assets at reduced prices or even to go out of
business.
A firm's financial accounting system is concerned with correct answer external
users of information, such as consumer groups, unions, shareholders, and
government agencies
A homeowner's equity is simply the difference between:
The same could be said of a person's car. correct answer what a home is worth
(the market value) and the amount owed to the bank.
A liability is a: correct answer debt that the firm owes to an outside party.
About half of all traditional CAs work in CA firms that offer accounting services to
the public, the other half work in correct answer government or industry.
,Accountants can earn the: correct answer Certified in Financial Forensics (CFF)
credential from CPA Canada.
Accounting is a correct answer comprehensive information system for collecting,
analyzing, and communicating financial information. It measures business
performance and translates the findings into information for management
decisions.
Accountants prepare performance reports for owners, the public, and regulatory
agencies.-
Accounting is based on that equation: correct answer Assets = Liabilities +
Owner's equity
Although their worth is hard to set, correct answer intangible assets have
monetary value.
An asset is any: correct answer economic resource that is expected to benefit a
firm or an individual who owns it.
As buildings and equipment wear out or become obsolete, their value correct
answer depreciates
As we have seen, an asset is any correct answer economic resource that a
company owns and from which it can expect to derive some future benefit.
Assets are normally listed in order of correct answer liquidity, the ease of
converting them into cash.
, Assets include: correct answer land, buildings, equipment, inventory, and
payments due to the company (accounts receivable).
At various points in the year, accountants use the following equation to balance
the data pertaining to financial transactions: correct answer Assets = Liabilities +
Owner's Equity
Balance sheets supply detailed information about correct answer the accounting
equation factors: assets, liabilities, and owners' equity.
Before lending money to owners, for example, lenders want to know: correct
answer the amount of owners' equity in a business.
bookeeping occurs when correct answer accountants keep records of transactions
such as taxes paid, income received, and expenses incurred
By definition, cash is completely _____. correct answer liquid
By sorting and analyzing such transactions, accountants can determine: correct
answer how well a business is being managed and assess its overall financial
strength.
CA firms typically provide correct answer audit, tax, and management services.
Canadian companies adopted the IFRS on correct answer January 1, 2011
ANSWERS
3 accounting organizations developed in Canada to certify accounting
professionals. The three designations they created are: correct answer chartered
accountant (CA)
certified management accountant (CMA)
certified general accountant (CGA)
A company that needs but cannot generate cash—a company that's not "liquid"—
may be forced to correct answer sell assets at reduced prices or even to go out of
business.
A firm's financial accounting system is concerned with correct answer external
users of information, such as consumer groups, unions, shareholders, and
government agencies
A homeowner's equity is simply the difference between:
The same could be said of a person's car. correct answer what a home is worth
(the market value) and the amount owed to the bank.
A liability is a: correct answer debt that the firm owes to an outside party.
About half of all traditional CAs work in CA firms that offer accounting services to
the public, the other half work in correct answer government or industry.
,Accountants can earn the: correct answer Certified in Financial Forensics (CFF)
credential from CPA Canada.
Accounting is a correct answer comprehensive information system for collecting,
analyzing, and communicating financial information. It measures business
performance and translates the findings into information for management
decisions.
Accountants prepare performance reports for owners, the public, and regulatory
agencies.-
Accounting is based on that equation: correct answer Assets = Liabilities +
Owner's equity
Although their worth is hard to set, correct answer intangible assets have
monetary value.
An asset is any: correct answer economic resource that is expected to benefit a
firm or an individual who owns it.
As buildings and equipment wear out or become obsolete, their value correct
answer depreciates
As we have seen, an asset is any correct answer economic resource that a
company owns and from which it can expect to derive some future benefit.
Assets are normally listed in order of correct answer liquidity, the ease of
converting them into cash.
, Assets include: correct answer land, buildings, equipment, inventory, and
payments due to the company (accounts receivable).
At various points in the year, accountants use the following equation to balance
the data pertaining to financial transactions: correct answer Assets = Liabilities +
Owner's Equity
Balance sheets supply detailed information about correct answer the accounting
equation factors: assets, liabilities, and owners' equity.
Before lending money to owners, for example, lenders want to know: correct
answer the amount of owners' equity in a business.
bookeeping occurs when correct answer accountants keep records of transactions
such as taxes paid, income received, and expenses incurred
By definition, cash is completely _____. correct answer liquid
By sorting and analyzing such transactions, accountants can determine: correct
answer how well a business is being managed and assess its overall financial
strength.
CA firms typically provide correct answer audit, tax, and management services.
Canadian companies adopted the IFRS on correct answer January 1, 2011
