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What term refers to the process of recording financial transactions in a systematic way?
What document is prepared when a business makes a cash sale to a customer?
Sales receipt
When a business pays rent for the office space, which accounts are debited and credited in the journal entry?
Rent Expense (debited) and Cash (credited)
What document is issued to a customer when they make a purchase using a credit card?
sales invoice
What document is prepared when a business receives cash from a customer as a down payment for future services?
receipt
Which financial statement shows a company's revenues and expenses over a specific period?
Income Statement
If a company purchases inventory on credit, which accounts are debited and credited in the journal entry?
Inventory (debited) and Accounts Payable (credited)
What is the term for deliberately manipulating financial statements ?
financial fraud
When a business receives cash from a customer as payment for services rendered, which accounts are affected?
Cash (debited) and Service Revenue (credited)
What is Fraud?
rongful or criminal deception intended to result in financial or personal gain.
What document is used to record the purchase of office equipment for cash
cash receipt
How would a company record the accrual of interest on a loan in the journal
Debit Interest Expense, Credit Interest Payable
What term refers to the tax levied on the profits earned from the sale of assets such as stocks or real estate?
capital gains tax
What ethical principle suggests that accountants should avoid conflicts of interest in their professional duties?
objectivity
What 2 taxes are in HST?
combination of GST and PST
How would a company record the payment of salaries to employees for the current month?
Debit Salary Expense, Credit Cash
What term refers to the tax imposed on the value of a deceased person's estate before it is distributed to heirs?
inheritance tax
What term refers to the tax levied on the income of individuals and businesses by the federal government?
What is federal income tax?
What are Ethics in bussiness?
Ethics is the set of rules or principles the business should follow.
What is the GST for Canada?
5%
What term refers to the tax levied on the income earned by individuals or businesses within a specific jurisdiction?
What is income tax
What account is debited when a business collects HST (Harmonized Sales Tax) from its customers?
HST Receivable
How much money did the Rita steal and from which town?
over 53 million from Dixon
What document serves as evidence of a significant financial transaction that occurred outside of normal business operations, such as the sale of a major asset?
bill of sale
What ethical principle encourages accountants to act honestly and with integrity in all professional endeavors?
Honesty