CCIFP FINAL EXAM ACTUAL EXAM AND PRACTICE
QUESTIONS EXAM COMPLETE 200 QUESTIONS WITH
DETAILED VERIFIED ANSWERS (100% CORRECT
ANSWERS) /ALREADY GRADED A+
ACAF - ANSWER: The CPA Canada Advanced Certificate in Accounting and Finance
(ACAF) is
a nationally recognized certificate for those seeking a challenging and rewarding
career in accounting and finance, but not as a CPA.
Accounting System - ANSWER: A system, including all of the activities required, that
provides
management with the quantified information needed for planning, controlling, and
reporting the financial conditions and operations of a business.
Accounts Payable - ANSWER: Obligations to pay for goods and services that have
been
acquired on an open account from vendors. Accounts Payable are classified as a
current liability on the balance sheet
Accounts Receivable - ANSWER: Amounts due from sales to customers on an open
account.
Accounts Receivable are classified as a current asset on the balance sheet.
Accrual Method - ANSWER: The recognition of revenue and expenses when incurred.
These are
recorded at the end of an accounting period whether or not cash has been received
or paid.
Accumulated Depreciation - ANSWER: The total depreciation that has been collected
to date for
one asset account.
AcSB - ANSWER: The Accounting Standards Board in Canada
Advanced Certificate in Accounting and Finance - ANSWER: ACAF is a nationally
recognized
certificate for those seeking a challenging and rewarding career in accounting and
finance, but not as a CPA.
AEC - ANSWER: Acronym for Architects, Engineers and Contractors. Stands for a
potential
weekly update meeting between the parties during the course of a construction
project.
,AIA - ANSWER: Acronym for American Institute of Architects.
AICPA - ANSWER: Acronym for American Institute of Certified Public Accountants
Allocation of Costs - ANSWER: The partitioning of costs to specific periods of time.
This
allocation can include the assignment of assets to expense and liabilities to revenue.
Examples are depreciation and the amortization of intangibles over a specified
period
of time.
Alternative Minimum Tax (AMT) - ANSWER: Tax levied with the intent that each
taxpayer will
pay their fair share. AMT is designed to prevent taxpayers from escaping a fair share
of tax liability by excessive use of certain tax breaks. A taxpayer is subject to AMT if
the taxpayer has certain minimum tax adjustments or tax preference items and the
alternative minimum taxable income (including adjustment for any net operating
loss)
exceeds the exemption allowed for the taxpayer's filing status and income level. The
AMT is computed on Form 6251 for individuals and Form 4626 for corporations.
Alternative Minimum Taxable Income (AMTI) - ANSWER: Used to arrive at the
alternative
minimum tax (AMT). Generally, AMTI starts with the taxpayer's taxable income. To
this amount, the taxpayer adds preference items, adds or subtracts adjustments, and
subtracts any alternative minimum tax net operating loss (AMTNOL) deduction to
arrive at AMTI.
American Institute of Architects (AIA) - ANSWER: The AIA produces copyrighted
documents
that are used routinely throughout the course of a construction project. Typical
forms
utilized for billing are AIA G702 (Architects certificate for payment) and AIA G703
(Schedule of Values).
American Institute of Certified Public Accountants (AICPA) - ANSWER: A professional
organization comprised of practicing Certified Public Accountants. Its objectives are
to develop standards of practice for its members and provide technical assistance
and advice to its membership and governmental agencies.
AMT - ANSWER: Acronym for Alternative Minimum Tax. Tax levied with the intent
that each
taxpayer will pay their fair share.
Annual Report - ANSWER: a document commonly prepared for dissemination to
security
holders of public companies and investment funds; it usually contains one or more
, reports from management, the audited annual financial statements and certain
other
information; if an annual report is prepared and sent to security holders, it must also
be filed with the securities commissions
ASC - ANSWER: the Alberta Securities Commission
ASPE - ANSWER: Accounting Standards for Private Enterprises or ASPE represent the
accounting framework established by the Accounting Standards Board ("AcSB") for
private enterprises.
Assets - ANSWER: Economic resources expected to provide benefit and value to a
business.
Basic characteristics of assets are to provide future probable economic benefit,
controlled by the entity and resulted from a prior event or transaction. Assets are
most commonly expressed in money or are readily converted to money. Assets are
often deferred charges that are not considered to be a resource. Assets can be
classified as current (having a life of less than one year) or noncurrent (having a life
in excess of one year). Examples of current assets are cash, marketable securities,
and accounts receivable. Noncurrent assets include real estate, machinery and
equipment, land, furniture, and fixtures. Assets are either tangible or intangible.
Tangible assets have physical substance, such as construction equipment, whereas
intangibles lack physical substance, such as goodwill.
Asset Based Lending - ANSWER: Any kind of lending secured by an asset. This means,
if the
loan is not repaid, the asset is taken.
Attestation Engagement - ANSWER: An engagement in which a practitioner is hired
to issue
written communication that expresses a conclusion about the reliability of written
assertions prepared by a separate party.
Attorney Work Product Privilege - ANSWER: Under the work product doctrine,
"tangible
material or its intangible equivalent" that is collected or prepared in anticipation of
litigation is not discoverable, and may be shielded from discovery by a protective
order, unless the party seeking discovery can demonstrate that the sought facts can
only be obtained through discovery and that those facts are indispensable from
CFMA CCIFP Study Guide Glossary 4
impeaching or substantiating a claim. That is, the party unable to obtain the
information has no other means of obtaining the information without undue
hardship.
Audits - ANSWER: Examination of records and procedures with the objective of
formulating an
opinion as to compliance to prescribed standards, either internal or external, to the
QUESTIONS EXAM COMPLETE 200 QUESTIONS WITH
DETAILED VERIFIED ANSWERS (100% CORRECT
ANSWERS) /ALREADY GRADED A+
ACAF - ANSWER: The CPA Canada Advanced Certificate in Accounting and Finance
(ACAF) is
a nationally recognized certificate for those seeking a challenging and rewarding
career in accounting and finance, but not as a CPA.
Accounting System - ANSWER: A system, including all of the activities required, that
provides
management with the quantified information needed for planning, controlling, and
reporting the financial conditions and operations of a business.
Accounts Payable - ANSWER: Obligations to pay for goods and services that have
been
acquired on an open account from vendors. Accounts Payable are classified as a
current liability on the balance sheet
Accounts Receivable - ANSWER: Amounts due from sales to customers on an open
account.
Accounts Receivable are classified as a current asset on the balance sheet.
Accrual Method - ANSWER: The recognition of revenue and expenses when incurred.
These are
recorded at the end of an accounting period whether or not cash has been received
or paid.
Accumulated Depreciation - ANSWER: The total depreciation that has been collected
to date for
one asset account.
AcSB - ANSWER: The Accounting Standards Board in Canada
Advanced Certificate in Accounting and Finance - ANSWER: ACAF is a nationally
recognized
certificate for those seeking a challenging and rewarding career in accounting and
finance, but not as a CPA.
AEC - ANSWER: Acronym for Architects, Engineers and Contractors. Stands for a
potential
weekly update meeting between the parties during the course of a construction
project.
,AIA - ANSWER: Acronym for American Institute of Architects.
AICPA - ANSWER: Acronym for American Institute of Certified Public Accountants
Allocation of Costs - ANSWER: The partitioning of costs to specific periods of time.
This
allocation can include the assignment of assets to expense and liabilities to revenue.
Examples are depreciation and the amortization of intangibles over a specified
period
of time.
Alternative Minimum Tax (AMT) - ANSWER: Tax levied with the intent that each
taxpayer will
pay their fair share. AMT is designed to prevent taxpayers from escaping a fair share
of tax liability by excessive use of certain tax breaks. A taxpayer is subject to AMT if
the taxpayer has certain minimum tax adjustments or tax preference items and the
alternative minimum taxable income (including adjustment for any net operating
loss)
exceeds the exemption allowed for the taxpayer's filing status and income level. The
AMT is computed on Form 6251 for individuals and Form 4626 for corporations.
Alternative Minimum Taxable Income (AMTI) - ANSWER: Used to arrive at the
alternative
minimum tax (AMT). Generally, AMTI starts with the taxpayer's taxable income. To
this amount, the taxpayer adds preference items, adds or subtracts adjustments, and
subtracts any alternative minimum tax net operating loss (AMTNOL) deduction to
arrive at AMTI.
American Institute of Architects (AIA) - ANSWER: The AIA produces copyrighted
documents
that are used routinely throughout the course of a construction project. Typical
forms
utilized for billing are AIA G702 (Architects certificate for payment) and AIA G703
(Schedule of Values).
American Institute of Certified Public Accountants (AICPA) - ANSWER: A professional
organization comprised of practicing Certified Public Accountants. Its objectives are
to develop standards of practice for its members and provide technical assistance
and advice to its membership and governmental agencies.
AMT - ANSWER: Acronym for Alternative Minimum Tax. Tax levied with the intent
that each
taxpayer will pay their fair share.
Annual Report - ANSWER: a document commonly prepared for dissemination to
security
holders of public companies and investment funds; it usually contains one or more
, reports from management, the audited annual financial statements and certain
other
information; if an annual report is prepared and sent to security holders, it must also
be filed with the securities commissions
ASC - ANSWER: the Alberta Securities Commission
ASPE - ANSWER: Accounting Standards for Private Enterprises or ASPE represent the
accounting framework established by the Accounting Standards Board ("AcSB") for
private enterprises.
Assets - ANSWER: Economic resources expected to provide benefit and value to a
business.
Basic characteristics of assets are to provide future probable economic benefit,
controlled by the entity and resulted from a prior event or transaction. Assets are
most commonly expressed in money or are readily converted to money. Assets are
often deferred charges that are not considered to be a resource. Assets can be
classified as current (having a life of less than one year) or noncurrent (having a life
in excess of one year). Examples of current assets are cash, marketable securities,
and accounts receivable. Noncurrent assets include real estate, machinery and
equipment, land, furniture, and fixtures. Assets are either tangible or intangible.
Tangible assets have physical substance, such as construction equipment, whereas
intangibles lack physical substance, such as goodwill.
Asset Based Lending - ANSWER: Any kind of lending secured by an asset. This means,
if the
loan is not repaid, the asset is taken.
Attestation Engagement - ANSWER: An engagement in which a practitioner is hired
to issue
written communication that expresses a conclusion about the reliability of written
assertions prepared by a separate party.
Attorney Work Product Privilege - ANSWER: Under the work product doctrine,
"tangible
material or its intangible equivalent" that is collected or prepared in anticipation of
litigation is not discoverable, and may be shielded from discovery by a protective
order, unless the party seeking discovery can demonstrate that the sought facts can
only be obtained through discovery and that those facts are indispensable from
CFMA CCIFP Study Guide Glossary 4
impeaching or substantiating a claim. That is, the party unable to obtain the
information has no other means of obtaining the information without undue
hardship.
Audits - ANSWER: Examination of records and procedures with the objective of
formulating an
opinion as to compliance to prescribed standards, either internal or external, to the
