Podcast
Questions and Answers
Which financial statement shows the financial position of a company at a given period?
Which financial statement shows the financial position of a company at a given period?
- Balance Sheet (correct)
- Cashflow Statement
- Income Statement
- Statement of Revenues over Expenditures
What is the basic formula of the balance sheet?
What is the basic formula of the balance sheet?
- Cashflow = Cash Inflow - Cash Outflow
- Income – Expenses = Profit or Loss
- Assets = Liabilities + Owner’s Equity (correct)
- Profit = Revenue - Expenses
Which financial statement provides a detailed explanation of the change in cash on the balance sheet?
Which financial statement provides a detailed explanation of the change in cash on the balance sheet?
- Balance Sheet
- Income Statement
- Statement of Changes in Financial Position
- Cashflow Statement (correct)
What is the primary focus of the income statement?
What is the primary focus of the income statement?
Which of the following is the correct definition of Accounts Payable?
Which of the following is the correct definition of Accounts Payable?
What is the formula for calculating the Average Collection Period (ACP)?
What is the formula for calculating the Average Collection Period (ACP)?
What is the purpose of a Cash Book?
What is the purpose of a Cash Book?
Which type of accounting is done within the architectural practice?
Which type of accounting is done within the architectural practice?
Which type of accounting provides a lower level of assurance that the financial statements are free of material misstatements?
Which type of accounting provides a lower level of assurance that the financial statements are free of material misstatements?
What is the recommended level of assurance that banks typically require for financial statements?
What is the recommended level of assurance that banks typically require for financial statements?
What is the accounting method required for architecture businesses by the Canada Revenue Agency (CRA), Accounting Standards for Private Enterprises (ASPE), and International Financial Reporting Standards (IFRS)?
What is the accounting method required for architecture businesses by the Canada Revenue Agency (CRA), Accounting Standards for Private Enterprises (ASPE), and International Financial Reporting Standards (IFRS)?
Which of the following is true about cashflow forecasts?
Which of the following is true about cashflow forecasts?
What is the role of a Chartered Professional Accountant (CPA)?
What is the role of a Chartered Professional Accountant (CPA)?
What is the purpose of establishing a professional relationship with a banker?
What is the purpose of establishing a professional relationship with a banker?
When is the best time to negotiate for a line of credit with a bank?
When is the best time to negotiate for a line of credit with a bank?
Which of the following is a reason why a well-prepared cashflow projection may be necessary to negotiate a line of credit with the bank?
Which of the following is a reason why a well-prepared cashflow projection may be necessary to negotiate a line of credit with the bank?
What is the only possible exception to the principle that all projects should generate a profit?
What is the only possible exception to the principle that all projects should generate a profit?
Where can architects find various forms for financial management purposes, including fee calculation?
Where can architects find various forms for financial management purposes, including fee calculation?
Which of the following is true about financial management in architectural practice?
Which of the following is true about financial management in architectural practice?
What is the purpose of a profit in architectural practice?
What is the purpose of a profit in architectural practice?
What is the recommended practice for distributing profits in an architectural practice?
What is the recommended practice for distributing profits in an architectural practice?
Why is financial planning important in architectural practice?
Why is financial planning important in architectural practice?
Which one of the following formulas is used to calculate the current ratio?
Which one of the following formulas is used to calculate the current ratio?
What does a current ratio of 1:1 indicate?
What does a current ratio of 1:1 indicate?
What does the debt to equity ratio measure?
What does the debt to equity ratio measure?
What does the profit margin ratio measure?
What does the profit margin ratio measure?
