TERMINOLOGY
A single person owns this type of company
Sole proprietorship
Accounts in the 3000 generally represent ________
Capital/equity (funds available/ net worth)
What is the 1st step of the accounting cycle?
Collect the bookkeeping vouchers used to enter the accounting information.
Employment Insurance
double-entry bookkeeping
I am a snapshot of the financial situation of a company.
balance sheet
Accounts in the 5000 generally represent _______
Expenses
What is the 2nd step of the accounting cycle?
Enter the information from the bookkeeping vouchers into the accounting software
For eligible workers who take maternity leave, paternity leave, parental leave, or adoption leave
Quebec Parental Insurance Plan (Q.P.I.P)
Partners of this type of company share decision-making as well as the profits and losses
A general partnership
This type of report indicates how much money a company has made and has spent within a period of time.
Accounts in the 2000 generally represent _____
Liabilities (payable)
What is the 3rd step of the accounting cycle?
Check the records and correct any errors detected, if necessary
In Quebec, you can claim this after you turn 60 years old.
Quebec Pension Plan (Q.P.P)
This type of business is composed of one or more shareholders and is considered a legal person
A business corporation
There are standards to follow when preparing financial statements. What are these known as?
Generally accepted accounting principles (GAAP)
Accounts in the 4000 generally represent _______
Revenue (sales)
What is the 4th of the accounting cycle?
Prepare the financial statements
In Quebec, you could register for this workers' compensation should you get hurt at work and become unable to return.
C.N.E.S.S.T
Providing businesses accounts to follow out all their transactions as well as providing them with electronic payment methods are examples of roles of ________
Financial institutions
What are the four objectives of sound accounting?
Regularity, clarity, comparability, and reliability,
Salaries are part of what kind of account?
Expenses (5000)
1000 accounts represent assets ;)
What is the 5th step of the accounting cycle?
Prepare the journals for the next cycle.
What does C.N.E.S.S.T stand for?
Commission des normes, de l’équité, de la santé et de la sécurité du travail
The following are examples of ______:
Invoice to a customer
Invoice from a supplier
Payment to a supplier
Bookkeeping vouchers