Accounting Jargon
Office Atmosphere
Tax & Audit Knowledge
Stereotypes
School Requirements
100
What does CPA stand for?
Chartered Professional Accountant
100
What is commonly referred to as the “gathering area” in most offices?
Water cooler
100
True or False: in public practice we are auditors for the government (CRA)?
False – they are separate auditors; our clients hire us directly to help them.
100
True or False: You must be excellent at math to become a good accountant.
False, you should enjoy numbers but you don’t need to be a mathematic genius to excel in the accounting industry.
100
True or False: to be considered a good accountant you need your CPA
False - many successful accountants in Management at Stark & Marsh, have decided not to persure their desgination. They are still capable of completing the same work a designated accountant completes.
200
An increase to an asset is called what in accounting terms (Debit or Credit)?
Debit.
200
True of False: It is acceptable to have putting competitions in Partners office when they are away?
True - when our partners leave for their annual retreat we play golf over the noon hour.
200
True or False: when we audit we simply re-add the client’s accounting records
False – there is little reading involved.
200
True or False: a career in accounting means little to no interaction with people?
False - having strong people skills would be considered an asset in the accounting industry. Ideal candidates for this profession can work well on their own and with others.
200
True or False: you need a university degree to become a CPA?
True - in order to enroll in the CPA program you must have a degree with a major in accounting.
300
What is another name for depreciation?
Amortization
300
True or False: Stark & Marsh will pay their employees to volunteer?
True - Stark & Marsh expects you to want to volunteer with a charity or community support initiative of your choice.
300
When you work for a company, at the end of the year they are required to provide you with a summary of your income. What form is this on? T1, T2, T4
T4
300
True or False: With the exception of January through May, accountants at Stark & Marsh can expect to be pretty slow.
False - the remainder of our year is spent on corporate year end work, audits, valuations, and professional development.
300
There are two routes to achieving your CPA following university. One of them is the CPAWSB. What is the other route?
MPAcc (Masters of Professional Accounting)
400
What is a friendly term used when referring to the newest hire at an accounting firm?
Newbie
400
In an office environment, what does a closed door mean?
Do not disturb
400
True or False:an audit is intended to look for fraud?
False – Auditors are required to assess the risk of fraud, but not to specifically look for fraud.
400
What does this image refer to?
Bean counter. Also known as a term for Accountants.
400
To obtain your CPA you need to article for how many months?
30 months.
500
True or False: The 3 day long exam to become a CPA is called the CFE. This stands for Cumulative Financial Exam.
False – it stands for Common Final Exam.
500
True of False: Denim and sweat pants are appropriate attire in most office environments.
False.
500
What is the short “T” name of the tax return a business files each year? i.e. T1, T2, T3, T4
T2
500
True or False: you will spend all day in front of a computer as an accountant
False - you will spend more time with your adding machine ;)
500
True or False: The mayor of Swift Current is a CPA?
True! The power of attaining your CPA designation is endless.