Podcast
Questions and Answers
Which type of accounting is done within the architectural practice?
Which type of accounting is done within the architectural practice?
- Independent accounting
- External accounting
- Management accounting
- Internal accounting (correct)
Who usually performs external accounting?
Who usually performs external accounting?
- Architect
- Bookkeeper
- Independent accountant (correct)
- Staff
What is the purpose of an audit?
What is the purpose of an audit?
- To review financial statements
- To express an opinion on the financial position of the practice (correct)
- To assess internal accounting
- To compile financial data
What is the difference between a review and an audit?
What is the difference between a review and an audit?
What is the lowest level of assurance provided by the external accountant?
What is the lowest level of assurance provided by the external accountant?
What level of assurance do banks typically require?
What level of assurance do banks typically require?
What does an audit provide?
What does an audit provide?
Which system of accounting records all income and expenses as they occur in the general ledger?
Which system of accounting records all income and expenses as they occur in the general ledger?
When setting up a new company, what does the firm need to decide on?
When setting up a new company, what does the firm need to decide on?
Which accounting method is required for architecture businesses by the Canada Revenue Agency (CRA), Accounting Standards for Private Enterprises (ASPE), and International Financial Reporting Standards (IFRS)?
Which accounting method is required for architecture businesses by the Canada Revenue Agency (CRA), Accounting Standards for Private Enterprises (ASPE), and International Financial Reporting Standards (IFRS)?
What are the two different systems of accounting to record transactions?
What are the two different systems of accounting to record transactions?
Which type of financial report shows the current financial position of a business on a monthly basis?
Which type of financial report shows the current financial position of a business on a monthly basis?
What is the purpose of accurate records in accounting?
What is the purpose of accurate records in accounting?
When using an accounting software, what does a company need to select to record transactions?
When using an accounting software, what does a company need to select to record transactions?
What are the two types of financial reports prepared using the accrual system?
What are the two types of financial reports prepared using the accrual system?
