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comm 101 chapter 17

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Questions and Answers

What is accounting?

The process of systematically collecting, recording, classifying, analyzing, and reporting financial information and activities (correct)

A method of tracking personal expenses without any formal structure

An art form to creatively manage financial resources

A type of software used for managing personal finances

What are the two primary types of accounting?

Tax and Auditing Accounting

Financial and Managerial Accounting (correct)

Public and Private Accounting

Cost and Compliance Accounting

What is financial accounting?

Focuses on the internal management of a business

Is only concerned with tax preparation

Is the process of preparing standardized financial statements that are used by people outside the organization (correct)

None of the above

What is the purpose of managerial accounting?

To provide financial information that managers inside the organization can use to evaluate and make decisions Signup and view all the answers

Canadian generally accepted accounting principles (GAAP) was used up until 2011 and was

the financial accounting rules, standards and usual practices followed when preparing financial statements Signup and view all the answers

In 2011, Canada adopted the International Financial Reporting Standards (IFRS) for:

Publicly traded companies and those private companies who chose to adopt them Signup and view all the answers

Private companies can choose to prepare financial statements based on IFRS or based on:

Accounting standards for private enterprises (ASPE) Signup and view all the answers

What are the 3 key financial statements?

Balance Sheet, Income Statement, Cash Flow Statement Signup and view all the answers

What is the statement of financial position (balance sheet)?

A report that shows the assets, liabilities, and owners equity at a specific point in time Signup and view all the answers

comm 101 chapter 17

Choose a study mode

Podcast

Questions and Answers

What is accounting?

What are the two primary types of accounting?

What is financial accounting?

What is the purpose of managerial accounting?

Canadian generally accepted accounting principles (GAAP) was used up until 2011 and was

In 2011, Canada adopted the International Financial Reporting Standards (IFRS) for:

Private companies can choose to prepare financial statements based on IFRS or based on:

What are the 3 key financial statements?

What is the statement of financial position (balance sheet)?

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