Reporting
"in our opinion, except for the matter described above, the financial statements present fairly the financial position of the organization"
What is a qualified opinion?
An organization's strategy and objectives should always align with this.
What are the mission and vision?
A form of business organization where the owners receive shares or stocks in the business.
What is a corporation?
The total variable cost will _______ as more bandages are used.
What is increase?
Something that we control and has a future benefit.
What is an asset?
Which of the financial statements is at one point in time?
What is the statement of financial position?
A type of budget that once created, never changes?
What is a static budget?
The organization where I work has to follow these rules when reporting the results of their operations.
What are the Public Sector Accounting Standards (PSAS)?
The variable cost per unit will _______ as more bandages are used.
What is remain the same?
This amount from the statement of operations is transferred to the statement of financial position.
What is the Surplus or Deficit?
This statement shows the details of the cash that was received and paid during the period.
What is the statement of cash flows?
This budget supports purchases of trucks and equipment.
What is a capital expenditures budget?
An accounting standard that can be ignored if the net impact of doing so has such a small impact on the financial statements that a reader of the financial statements would not be misled.
What is the Materiality concept?
This cost estimation technique is used when there is limited information regarding the current project.
What is the rough estimate or analogous technique?
"Accumulated surplus" is a term used for a public sector organization. A similar term "Shareholders equity" is used for...
What is a corporation?
Explains certain items contained in the financial statements.
What are the Notes to the financial statements?
This fund is set aside for a particular purpose.
What is a restricted fund?
Having one person handling the cash and another making deposits at the bank is an example of...
What is segregation of duties?
This cost estimation technique is often used when we require external parties to do the work.
What is vendor bids or tender offers?
A type of asset in a public sector organization that can be converted into cash fairly quickly.
What is a financial asset?
A situation for which the outcome is uncertain, and which should be resolved in the future, possibly creating a loss.
What is a Contingency?
Working as a ______________ is a very fun job.
Director, Co-ordinator, or Accountant
The best hockey team in the NHL
Who are The Boston Bruins?
The band of volume or activity where fixed costs remain constant at a certain level.
What is the relevant range?
The "for real" best hockey team in the NHL.
Who are the Montreal Canadiens?