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1. Accounting<answer< the recording of the day-to-day financial activities of a company and the organization of that information into summary reports used to evaluate thecompany's financial status 2. Bookkeeping<answer< the preservation of a systematic, quantitative record of an activity 3. accounting system<answer< used by a business to handle routine bookkeeping tasksand to structure the information so it can be used to evaluate the performance andfinancial status of ...

• What does accounting focus on(answer) The impact a business's activities have on its overall financial performance • Which report summarizes cash collections and cash expenditures from operating, investing, and financing activities over a period of time(answer) State- ment of cash flows • Which users would have a primary concern with an organization's ability to provide healthcare benefits(answer) Employees • Which body regulates a certified public accounting firm's audit pra...

Accounting steps. - correct answere---1. Prepare 2. Analyze 3. Gather 4. Make decisions 5. Implement 6. Observe. Managerial info is inside or outside the business? - correct answere---Inside, Internal True or false, managerial accounting uses BOTH managerial and financial accounting? - correct answere---True. Financial accounting is only outside. Managerial accounting can be inside AND outside. Financial is inside or outside the business? - correct answere---Outside, External, includes le...

1. Accounting<answer< the recording of the day-to-day financial activities of a company and the organization of that information into summary reports used to evaluate thecompany's financial status 2. Bookkeeping<answer< the preservation of a systematic, quantitative record of an activity 3. accounting system<answer< used by a business to handle routine bookkeeping tasksand to structure the information so it can be used to evaluate the performance andfinancial status of ...

RECA Residential Exam Questions and Answers 100% Pass , RECA Exam Study Questions and Answers 100% Pass , Residential Real Estate RECA Questions and Answers 100% Pass ,RECA Questions and Answers Already Passed, RECA Practice Exam Questions and Answers with Complete Solutions ,RECA Quiz Review Questions and Answers Rated A ,RECA Fundamentals Exam Qu

Which of the following is NOT a RECA educational resource for industry professionals? Spatial Information System (Spin 2) Which entity has the authority to amend the Real Estate Act Provincial Legislature Which of the following measures the change in a cost of a fixed basket of goods and services purchased by families over a period of time Consumer Price Index (CPI) Which of the following will occur to the supply of a good when there is a change in quantity supplied due to a price increase...

Which of the following describes a competent real estate professional? A) A real estate professional who agrees to provide services that they are incapable of performing B) A real estate professional who possesses the necessary ability and knowledge to perform an action proficiently C) A real estate professional who represents a client in matters that are beyond their expertise D) A real estate professional who holds a valid authorization from RECA and is registered with a brokerage in Al...

Meridians and ranges are Longitudal lines condominium (condo) form of ownership with the owners holding legal title to their own housing unit among many, with common grounds and facilities shared ownership

Which of the following may RECA amend from time to time? A) The Act B) The Rules C) The Regulations D) All the statements are correct B According to the Act, which of the following statements apply if an industry professional whose conduct is subject to disciplinary proceedings make application to withdraw from the profession? A) If the application is approved, RECA issues a news release B) If the application is approved, all disciplinary proceedings are terminated C) If the applicatio...

General Power of Attorney -No limits on powers to make decisions about donors financial and legal affairs -The one exception is decisions about the donors personal affairs such as consenting to health care or deciding where the donor should reside Special Power of Attorney -Has specific of limited powers in regards to the donor -Also referred to as a Limited Power of Attorney Immediate Power of Attorney -Makes financial and legal decisions on behalf of the donor as soon as the Power of At...

Carl, a real estate professional, is registered with Prime Plus Real Estate Ltd. He has listed his brother's house for sale with the brokerage. A real estate professional with another brokerage contacts Carl and asks to preview the property as she has a potential buyer. What level of disclosure must Carl provide? Disclosure level 1 When evaluating an ethical dilemma, the first step is awareness. An individual may become aware of an ethical dilemma through a variety of ways. Which one of th...

Fiduciary Representation - Trust and confidence - Best interests - Loyalty 5 Ds of Role Clarity 1. Discuss 2. Determine 3. Document 4. Disclose 5. Do Must disclose in writing - the nature of services provided - whether professional has entered into representation relationship with other party - any conflicts of interest - any other facts that may influence consumers decision to proceed with relationship made to clarify and provide proof of undertanding in event issues or disputes ari...

Law of Large Numbers - Correct answer-The larger the number of people with a similar exposure to loss, the more predictable actual losses will be. Insurance - Correct answer-Transfers the risk of loss from an individual or business entity to an insurance company The three elements of insurable risk are - Correct answer-1) Financial 2) Blood (relative) 3) Business Risk - Correct answer-The uncertainty or chance of a loss occurring Types of risks are - Correct answer-1) Pure risk 2) Specula...

For the purpose of insurance, risk is defined as - ANSWER-The uncertainty or chance of loss What significance did Paul vs. Virginia have on the insurance industry? - ANSWER-It was decided that insurance was not interstate commerce and could not be regulated by the federal government The War, Military Act, and Terrorism Exclusion will only apply to an incident of terrorism in which the total of insured damage to all types of property in the United States, its territories and possessions, P...

Professional liability policies protect against liability resulting from - Correct Answer-A. Errors and Omissions Page 46 Mini-Tail or Extended. Page 60 - Correct Answer-B. 60 Days after expiration date Not an exclusion under auto physical damage selection. Page 28 - Correct Answer-C. Carpools Not a covered territory in the personal auto policy. Page 25 - Correct Answer-C. Mexico Which is covered under other than collision section of your auto policy. Page 26 - Correct Answer-A. Hail dam...

Bail - Correct Answer-a security depost that guarantees the appearance of a defendant in court for trail, forgeited if the defendant fails to appear for trail; also the act of delivering goods to another to be helf in trust for a special purpose bailee - Correct Answer-a person one who has care, custody, or control of another's property, usually for repair, cleaning, processing, storage, ro service bailee's customer policy - Correct Answer-this provides coverage for loss of or damage to ...

Specific insurance - Correct answer-This type of insurance designates a particular item to be insured Blanket insurance - Correct answer-This type of insurance covers more than one item of property at a single location or one more items of property at multiple locations. Speculative - Correct answer-possibility of both gain and loss. Not insurable. Pure - Correct answer-only the possibility of loss. Insurable. What are the 5 methods of managing or handling risk? - Correct answer-avoid, con...

Why was the commercial Insurance Deregulation Act Created? - Correct Answer-To protect the public from the adverse effects of excessive, inadequate, & unfair discriminatory rates & marketing practices Which policies issued must follow the provisions of the Commercial Insurance Deregulation Act? - Correct Answer-Commercial policies When must rate amendments & policy forms be filed with the commissioner? - Correct Answer-30 days before What losses are excluded from flood insurance? - Correc...

Powers and duties of Commissioner - ANSWER-Conduct research Make reasonable rules and regulations Issue orders and notices Issue insurance licenses and certificates of authority Impose penalties Approve insurance policy forms and rates Amount of days notice before hearing - ANSWER-10 Retrocession - ANSWER-When a reinsurer transfers risks it has accepted to another insurer Producers can be - ANSWER-Agents, brokers or both Insurance agent - ANSWER-a licensed insurance producer who is app...

How is a diamond condition fixed? - Answer By pulling the damage for length. Diamond is a length condition. When measuring a unibody vehicle, it is discovered that the left front rail is 111mm from spec in width. What condition is this? - Answer Width is calculated from the center out, so a value of -111mm on the left rail shows sway to the right and in toward centerline. A collision damaged vehicle is discovered to be down in height at opposite end of the center section. - Answer Twist c...