In the Positive
Liabilities + Equity
What is assets?
This business is not looking for a profit
What is a non-profit organization?
Preparing bills business papers and cheques, daily banking, and recording transaction are all this kind of activity
What are daily activities?
This is needed to qualify as a professional accountant
What is post secondary education?
The professional accounting organization that is well known for distance education
What is the CGA association?
When the assets are greater than the liabilities
What is a positive owner's equity?
This business does not make a product
What is a service business?
The examining and testing of the books, records, and procedures of a business in order to be able to express an opinion about the financial statements
What is auditing?
About how many years of post secondary education is needed
What is seven years?
The professional accounting organization that emphasizes management accounting
What is the society of management accountants?
In accounting terms, a Christmas tree is this
what is an asset?
A business owned by a single person
What is a sole proprietorship?
The recurring set of accounting procedures carried out during each fiscal period
What is the accounting cycle?
What do the Ca, CGA, and CMA all require of applicants?
What is a university degree and two to three years of specialized courses and work experience?
The professional accounting organization that publishes a handbook of Canadian accounting rules and standards
What is the CICA?
When the income is greater than the expenses
What is a profit?
A clothing store is this type of business
What is a merchandising business?
Professional persons who offer their services as accountants to the general public
What are public accountants?
Students hoping to become CAs have to complete this at the end of the CICA program
What is a three day national exam?
The Principles that Canadians are moving away from
What is the Canadian GAAP?
The number written directly across from the total liabilities and owner's equity on a balance sheet
What is the total assets?
This type of business makes something out of nothing
What is a producing business?
Formal account data, prepared at least once a year
What is financial statements?
To be a professional accountant one needs this designation
What is a designation of a CA, CGA, or CMA?
The standards that Canadians are moving towards
What is the IFRS?