CCIFP Glossary – Questions And Complete Answers
ACAF Correct 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 Correct 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 Correct 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 Correct 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 Correct 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 Correct Answer - The total depreciation that
has been collected to date for
one asset account.
AcSB Correct Answer - The Accounting Standards Board in Canada
Advanced Certificate in Accounting and Finance Correct 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 Correct 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 Correct Answer - Acronym for American Institute of Architects.
AICPA Correct Answer - Acronym for American Institute of Certified
Public Accountants
Allocation of Costs Correct 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) Correct 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) Correct 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) Correct 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) Correct 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 Correct Answer - Acronym for Alternative Minimum Tax. Tax
levied with the intent that each
taxpayer will pay their fair share.
Annual Report Correct 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
ACAF Correct 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 Correct 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 Correct 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 Correct 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 Correct 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 Correct Answer - The total depreciation that
has been collected to date for
one asset account.
AcSB Correct Answer - The Accounting Standards Board in Canada
Advanced Certificate in Accounting and Finance Correct 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 Correct 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 Correct Answer - Acronym for American Institute of Architects.
AICPA Correct Answer - Acronym for American Institute of Certified
Public Accountants
Allocation of Costs Correct 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) Correct 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) Correct 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) Correct 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) Correct 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 Correct Answer - Acronym for Alternative Minimum Tax. Tax
levied with the intent that each
taxpayer will pay their fair share.
Annual Report Correct 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
