Types of Business
An unincorporated business that is owned by one individual. It is the simplest kind of business structure.
Sole Proeprietorship
Earnings received for work.
Income
The rising price of goods and services associated with the cost of living.
Inflation
What education is needed to be an accountant?
Bachelors
Bachelors + Training
Masters
Doctorate
Bachelors + Training
Any cost that contributes to a company's overall cost of doing business.
Expenses
The advantages of this type of business is personal satisfaction, owner gets all the income, possible tax savings.
Sole Proprietorship
Money paid for the use of someone else’s money?
Interest
Reflects how quickly and efficiently assets can be converted into cash without losing significant value.
Liquidity
What designation organization certifies accountants as professionals in Canada?
CPA (Chartered Professional Accountants)
The total amount of money brought in by a company's operations.
Revenues
An association or relationship between two or more individuals that join together to carry on a trade or business.
Partnership
A plan for managing income, saving, and spending?
Budget
An accounting technique used to periodically lower the book value of a loan or an intangible asset over a set period of time.
Amortization
How many years to become a certified Accountant in Canada?
A. 4 C. 7-9
B. 5-7 D. 2
B. 5 to 7 years
Mandatory contributions levied on individuals or corporations by a government entity.
Tax
A legally established entity that can enter into contracts, own assets and incur debt, as well as sue and be sued all separately from its owner(s).
Corporation
The amount of money remaining in an account after the last transaction?
Balance
The movement of money in and out of a business, showing how much cash is generated and used over a specific period.
Cash Flow
What type of accountant utilizes accounting, auditing, and investigative skills to examine the finances of an individual or business. These accountants are CPAs that look for evidence of crimes and commonly work for insurance companies, financial institutions, and law enforcement agencies.
Forensic Accountant
A common measure of the degree to which a company or a particular business activity makes money.
Profit Margin
The advantages of this business ownership type is limited liability, more investment capital, and transferable ownership.
Corporation
The highest-valued choice that is given up when a decision is made.
Opportunity Cost
The decrease in the value of an asset over its useful life span.
Depreciation
What is the average salary of an Accountant in Canada?
$ 64,568
A legal process by which you may be discharged from most of your debts.
Bankruptcy