Question 1

Complete the following using the terms listed below.
-______ is primarily responsible for evaluating, setting, or modifying the generally accepted accounting principles.
A)Chartered Professional Accountant
B)International Financial Reporting Standards
C)Asset
D)Liability
E)owners' equity
F)accounting equation
G)balance sheet
H)income statement
I)Corruption of Foreign Public Officials Act
J)accrual accounting
K)open book management
L)Budget
M)GAAP
N)AcSB
O)profitability ratio
P)International Accounting Standards Committee
Q)liquidity ratios
R)budget

Accepted Answer

AcSB (Accounting Standards Board) is primarily responsible for evaluating, setting, or modifying the generally accepted accounting principles in Canada.

Note: GAAP is also a generally accepted accounting principle, but it is not an entity responsible for modifying or setting it. The other options are not related to this concept.

Question 2

Complete the following using the terms listed below.
-The ______ is the federal law that prohibits Canadian citizens and companies from bribing foreign officials to win or continue business.
A)Chartered Professional Accountant
B)International Financial Reporting Standards
C)Asset
D)Liability
E)owners' equity
F)accounting equation
G)balance sheet
H)income statement
I)Corruption of Foreign Public Officials Act
J)accrual accounting
K)open book management
L)Budget
M)GAAP
N)AcSB
O)profitability ratio
P)International Accounting Standards Committee
Q)liquidity ratios
R)budget

Accepted Answer

The Corruption of Foreign Public Officials Act is the federal law that prohibits Canadian citizens and companies from bribing foreign officials to win or continue business. None of the other terms listed relate to this topic.

Question 3

All organizations perform three basic business activities. List and describe these activities.

Accepted Answer

The answer of All organizations perform three basic business activities....

Question 4

Differentiate between public accountants and management accountants.

Accepted Answer

The answer of Differentiate between public accountants and management accountants....

Question 5

Explain the differences between public accountants and management accountants.

Accepted Answer

The answer of Explain the differences between public accountants and...

Question 6

Briefly describe the three business activities that involve accounting.

Accepted Answer

The answer of Briefly describe the three business activities that...

Question 7

Complete the following using the terms listed below.
-A (n) ______ is a planning and controlling tool that reflects the firm's expected sales revenues, operating expenses, and cash receipts and outlays.
A)Chartered Professional Accountant
B)International Financial Reporting Standards
C)Asset
D)Liability
E)owners' equity
F)accounting equation
G)balance sheet
H)income statement
I)Corruption of Foreign Public Officials Act
J)accrual accounting
K)open book management
L)Budget
M)GAAP
N)AcSB
O)profitability ratio
P)International Accounting Standards Committee
Q)liquidity ratios
R)budget

Accepted Answer

The answer of Complete the following using the terms listed...

Question 8

What are the categories of accounting professionals discussed in the textbook?

Accepted Answer

The answer of What are the categories of accounting professionals...

Question 9

Define accounting and determine the stakeholders who uses accounting information.

Accepted Answer

The answer of Define accounting and determine the stakeholders who...

Question 10

Complete the following using the terms listed below.
-A claim against a firm's assets by a creditor is a (n) ______.
A)Chartered Professional Accountant
B)International Financial Reporting Standards
C)Asset
D)Liability
E)owners' equity
F)accounting equation
G)balance sheet
H)income statement
I)Corruption of Foreign Public Officials Act
J)accrual accounting
K)open book management
L)Budget
M)GAAP
N)AcSB
O)profitability ratio
P)International Accounting Standards Committee
Q)liquidity ratios
R)budget

Accepted Answer

A claim against a firm's assets by a creditor is a liability.

Question 11

Complete the following using the terms listed below.
-The accounting method that records revenues and expenses when they occur is called ______.
A)Chartered Professional Accountant
B)International Financial Reporting Standards
C)Asset
D)Liability
E)owners' equity
F)accounting equation
G)balance sheet
H)income statement
I)Corruption of Foreign Public Officials Act
J)accrual accounting
K)open book management
L)Budget
M)GAAP
N)AcSB
O)profitability ratio
P)International Accounting Standards Committee
Q)liquidity ratios
R)budget

Accepted Answer

Accrual accounting records revenues and expenses when they occur, rather than when payments are received or made.

Question 12

Complete the following using the terms listed below.
-______ represents the owners' initial investment in the business plus profits that were NOT paid out to owners over time in the form of cash dividends.
A)Chartered Professional Accountant
B)International Financial Reporting Standards
C)Asset
D)Liability
E)owners' equity
F)accounting equation
G)balance sheet
H)income statement
I)Corruption of Foreign Public Officials Act
J)accrual accounting
K)open book management
L)Budget
M)GAAP
N)AcSB
O)profitability ratio
P)International Accounting Standards Committee
Q)liquidity ratios
R)budget

Accepted Answer

Owners' equity represents the owners' initial investment in the business plus profits that were NOT paid out to owners over time in the form of cash dividends.

Note: The other terms listed are related to accounting and finance, but do not directly define owners' equity.

Question 13

Complete the following using the terms listed below.
-An organization's overall financial performance is measured by its ______, which evaluates the ability to generate revenues in excess of operating costs and other expenses.
A)Chartered Professional Accountant
B)International Financial Reporting Standards
C)Asset
D)Liability
E)owners' equity
F)accounting equation
G)balance sheet
H)income statement
I)Corruption of Foreign Public Officials Act
J)accrual accounting
K)open book management
L)Budget
M)GAAP
N)AcSB
O)profitability ratio
P)International Accounting Standards Committee
Q)liquidity ratios
R)budget

Accepted Answer

The answer of Complete the following using the terms listed...

Question 14

Complete the following using the terms listed below.
-A financial record of a company's revenues, expenses, and profits over a period of time is called the ______.
A)Chartered Professional Accountant
B)International Financial Reporting Standards
C)Asset
D)Liability
E)owners' equity
F)accounting equation
G)balance sheet
H)income statement
I)Corruption of Foreign Public Officials Act
J)accrual accounting
K)open book management
L)Budget
M)GAAP
N)AcSB
O)profitability ratio
P)International Accounting Standards Committee
Q)liquidity ratios
R)budget

Accepted Answer

The financial record of a company's revenues, expenses, and profits over a period of time is called the income statement. The income statement is one of the financial statements used to evaluate a company's performance.

(Note: While a budget is also a financial record, it is not specifically related to a company's revenues, expenses, and profits over a period of time. Therefore, it is not the best choice for this question.)

Question 15

Complete the following using the terms listed below.
-The ______ are regulations and interpretations adopted by the International Accounting Standards Board.
A)Chartered Professional Accountant
B)International Financial Reporting Standards
C)Asset
D)Liability
E)owners' equity
F)accounting equation
G)balance sheet
H)income statement
I)Corruption of Foreign Public Officials Act
J)accrual accounting
K)open book management
L)Budget
M)GAAP
N)AcSB
O)profitability ratio
P)International Accounting Standards Committee
Q)liquidity ratios
R)budget

Accepted Answer

International Financial Reporting Standards (IFRS) are regulations and interpretations adopted by the International Accounting Standards Board (IASB).

Question 16

What is accounting? Provide examples of tasks that accountants perform.

Accepted Answer

The answer of What is accounting? Provide examples of tasks...

Question 17

Complete the following using the terms listed below.
-The ______ was established to promote worldwide consistency in financial reporting practices.
A)Chartered Professional Accountant
B)International Financial Reporting Standards
C)Asset
D)Liability
E)owners' equity
F)accounting equation
G)balance sheet
H)income statement
I)Corruption of Foreign Public Officials Act
J)accrual accounting
K)open book management
L)Budget
M)GAAP
N)AcSB
O)profitability ratio
P)International Accounting Standards Committee
Q)liquidity ratios
R)budget

Accepted Answer

The answer of Complete the following using the terms listed...

Question 18

Complete the following using the terms listed below.
-A (n) ______ is anything of value owned or leased by a business.
A)Chartered Professional Accountant
B)International Financial Reporting Standards
C)Asset
D)Liability
E)owners' equity
F)accounting equation
G)balance sheet
H)income statement
I)Corruption of Foreign Public Officials Act
J)accrual accounting
K)open book management
L)Budget
M)GAAP
N)AcSB
O)profitability ratio
P)International Accounting Standards Committee
Q)liquidity ratios
R)budget

Accepted Answer

An asset is anything of value owned or leased by a business, such as property, equipment, inventory, and accounts receivable. This is a fundamental concept in accounting and is reflected in the accounting equation (F), which states that assets equal liabilities (D) plus owners' equity (E). The balance sheet (G) is a financial statement that provides a snapshot of a company's assets, liabilities, and owners' equity at a specific point in time. GAAP (M) refers to generally accepted accounting principles, while IFRS (B) is a set of accounting standards used in many countries outside of the US. The AcSB (N) is the Accounting Standards Board, which sets accounting standards for Canada. The income statement (H) shows a company's revenues and expenses over a period of time, while a budget (L, R) is a financial plan for the future. Open book management (K) is a management philosophy that encourages transparency and sharing financial information with employees. The Corruption of Foreign Public Officials Act (I) is a Canadian law that prohibits companies from bribing foreign officials. Financial ratios, such as liquidity ratios (Q) and profitability ratios (O), are used to analyze a company's financial performance. A Chartered Professional Accountant (A) is a designation for accountants in Canada. The International Accounting Standards Committee (P) was a predecessor to the International Accounting Standards Board, which sets IFRS.

Question 19

Complete the following using the terms listed below.
-The ______ is a statement of a firm's financial position on a particular date.
A)Chartered Professional Accountant
B)International Financial Reporting Standards
C)Asset
D)Liability
E)owners' equity
F)accounting equation
G)balance sheet
H)income statement
I)Corruption of Foreign Public Officials Act
J)accrual accounting
K)open book management
L)Budget
M)GAAP
N)AcSB
O)profitability ratio
P)International Accounting Standards Committee
Q)liquidity ratios
R)budget

Accepted Answer

The balance sheet is a statement of a firm's financial position on a particular date.

Question 20

Complete the following using the terms listed below.
-______ measures the extent to which a firm relies on debt financing.
A)Chartered Professional Accountant
B)International Financial Reporting Standards
C)Asset
D)Liability
E)owners' equity
F)accounting equation
G)balance sheet
H)income statement
I)Corruption of Foreign Public Officials Act
J)accrual accounting
K)open book management
L)Budget
M)GAAP
N)AcSB
O)profitability ratio
P)International Accounting Standards Committee
Q)liquidity ratios
R)budget

Accepted Answer

The answer of Complete the following using the terms listed...

Quiz 15: Understanding Accounting and Financial Statements

Complete the following using the terms listed below. -______ is primarily responsible for evaluating, setting, or modifying the generally accepted accounting principles.

Complete the following using the terms listed below. -The ______ is the federal law that prohibits Canadian citizens and companies from bribing foreign officials to win or continue business.

All organizations perform three basic business activities. List and describe these activities.

Differentiate between public accountants and management accountants.

Explain the differences between public accountants and management accountants.

Briefly describe the three business activities that involve accounting.

Complete the following using the terms listed below. -A (n) ______ is a planning and controlling tool that reflects the firm's expected sales revenues, operating expenses, and cash receipts and outlays.

What are the categories of accounting professionals discussed in the textbook?

Define accounting and determine the stakeholders who uses accounting information.

Complete the following using the terms listed below. -A claim against a firm's assets by a creditor is a (n) ______.

Complete the following using the terms listed below. -The accounting method that records revenues and expenses when they occur is called ______.

Complete the following using the terms listed below. -______ represents the owners' initial investment in the business plus profits that were NOT paid out to owners over time in the form of cash dividends.

Complete the following using the terms listed below. -An organization's overall financial performance is measured by its ______, which evaluates the ability to generate revenues in excess of operating costs and other expenses.

Complete the following using the terms listed below. -A financial record of a company's revenues, expenses, and profits over a period of time is called the ______.

Complete the following using the terms listed below. -The ______ are regulations and interpretations adopted by the International Accounting Standards Board.

What is accounting? Provide examples of tasks that accountants perform.

Complete the following using the terms listed below. -The ______ was established to promote worldwide consistency in financial reporting practices.

Complete the following using the terms listed below. -A (n) ______ is anything of value owned or leased by a business.

Complete the following using the terms listed below. -The ______ is a statement of a firm's financial position on a particular date.

Complete the following using the terms listed below. -______ measures the extent to which a firm relies on debt financing.