Which of the following statements does not fit the job title?

Accounting clerk studies tax bulletins to keep up to date.

What is the meaning of limited company or corporation?

A special form of business considered a type of legal entity

Which of the following is true

Always adding the liabilities and capital at the end.

What are Periodic Accounting Activites?

Activities that occur at regular intervals

What is the requirement(s) to be a professional accountant?

Chartered Professional Accountant (CPA) certificate

The balance sheet is a statement showing the financial position of a

Business or Organization, Person

Business transaction is

A financial event that causes a change in financial position

What is a business that buys materials to convert to new products, and sells them for a profit?

A manufacturing or producing business

A balance sheet shows

a financial picture of the business on a certain date.

The financial position of a business is

represented by the assets, the liabilities, and the capital.

Which one of the following is not true? Ruled lines are

necessary to separate sections of the balance sheet.

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Chapter 1-3 review

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Questions 25

Answers

1
Who owns a business' debt?
Creditor
Debtor
None of the above
Owner
2
The order in which assets could be most quickly converted into cash is called:
Fluidity
Cash flow
Liquidity
Bank
3
Which of the following statements does not fit the job title?
Accounting clerk studies tax bulletins to keep up to date.
An accounting clerk ensures that the ledger balances.
An accounting clerk works neatly to guard against errors.
An accounting clerk verifies source documents.
4
What is the meaning of limited company or corporation?
A sole proprietorship without any liabilities
A special form of business considered a type of legal entity
A business with multiple owners
A business that has one owner
5
Which of the following is true
Owner's equity appear at the left side of the Balance Sheet
None of the above
Always adding the liabilities and capital at the end.
Total asset and liability always the same on balance sheet
6
How many general steps in Analyzing a Transaction
4
6
5
3
7
What is accounting?
All of the above
Gathering financial information
Preparing and collecting permanent records
Rearranging information reports and summaries
8
What are Periodic Accounting Activites?
Activities that cannot be predicted
Activities that occur in the same way every day
Activities that occur at regular intervals
None of the above
9
When did Canadian public companies start using IFRS?
2009
2010
2011
2013
10
What is the requirement(s) to be a professional accountant?
Chartered Professional Accountant (CPA) certificate
All of the above
Approval from the IASB
Charted Accountant(CA) certificate
11
The balance sheet is a statement showing the financial position of a
Business or Organization
Person
Person or Business
Both red and yellow answers
12
Business transaction is
Displaying the new financial position
business's accounting be recorded on the basis of clear
A financial event that causes a change in financial position
providing accounting personnel with the information
13
What is a business that buys materials to convert to new products, and sells them for a profit?
A non-profit organization
A manufacturing or producing business
A service business
A merchandising business
14
Which of the following is a liability?
An amounted loaned to Gary
An unpaid heating bill
Payment of a heating bill
A bank deposit
15
A balance sheet shows
the progress of the business over a period of time.
a financial picture of the business on a certain date.
all of the owner’s assets and liabilities.
16
The financial position of a business is
represented by the assets, the liabilities, and the capital.
None of the above
the same as the net worth of the business.
the difference between total assets and total liabilities.
17
What is the name of the status of a business based on assets, liabilities, and owner's equity?
Revaluation
Financial position
Balance Sheet
Net worth
18
Assets increased by $10 000 and liabilities decreased by $10 000, the capital will
increase by $20 000.
None of the above
be unchanged.
decrease by $20 000.
19
For Statement of financial position, long terms assets appear before the current assets
False
True
20
Which one of the following is not true? Ruled lines are
necessary to separate sections of the balance sheet.
doubled to indicate a final total.
used to indicate that columns of numbers are to be totaled.
used to underline headings.
21
The principle that keeps the accounting for business separate from its owner called
Cost principle
Revaluation model
Continuing Concern concept
Business entity concept
22
How many accounting procedures occur in one accounting cycle?
10
7
9
8
23
Example of long term liabilities is
Expenses
Bank loan
Accounts Payable
Mortgage
24
While analyzing a transaction, accountants must
Identify asset and liability items that must be changed.
Make certain that at least two of the items have changed
All of the above
See if the owner's equity has changed
25
What is a business paper?
Spreadsheet
business transaction
Equation analysis sheet
Source document

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