Alex's newly purchased money market instru- ment will mature in from the date of issue.
18 months
2 years
1 year or less
no more than 6
... [Show More] months
1. A year does not need to be the same as the
calendar year.
2. a record of the sources and uses of cash during a period of time.
3. an accounting method that records revenues and expenses when they occur, not when cash actually changes hands.
4. Which of the following uses state-of-the-art tech- nology and monitoring systems to track trading behaviour in real time and collect evidence need- ed to pursue cases relating to violations?
OSFI IIROC NASDAQ CDIC
5. What allows employees to view financial infor- mation helps them to better understand how
1 year or less
fiscal
statement of cash flows Accrual accounting
IIROC (Investment In- dustry Regulatory Orga- nization of Canada).
OSFI (Office of the Su- perintendent of Finan- cial Institutions)
NASDAQ, acronym of National Association of Securities Dealers Au- tomated Quotations, an American stock market
CDIC( Canada Deposit Insurance Corporation)
Open book manage- ment
their work contributes to the company's success, which, in turn, benefits the employees.
6. In terms of size, the and the
New York Stock Ex-
are first and second largest stock change; NASDAQ
markets, respectively.
New York Stock Exchange; NASDAQ
New York Stock Exchange; Toronto Stock Ex- change
Tokyo Stock Exchange; New York Stock Ex- change
Tokyo Stock Exchange; London Stock Exchange
7. When the chairman of the Bank of Canada wants to stimulate the economy, open market opera- tions are used which will often
raise interest rates. lower the discount rate.
increase the discount rate. lower interest rates.
8. Commercial banks are chartered and federally insured, and are subject to regulation by the
provincial banking agencies. Bank Act
Canada Revenue Agency TSX
9. Which exchange is known as "the Big Board"?
The Toronto Stock Exchange NASDAQ
The London Stock Exchange The New York Stock Exchange
lower interest rates.
Bank Act
The New York Stock Ex- change
10. A has demonstrated their account- ing knowledge by meeting provincial require- ments for education and experience, as well as successfully completing a number of rigorous tests in accounting theory and practice, auditing, law, finance, strategy, and taxation.
Chartered internal auditor Chartered professional accountant Chartered fraud examiner Chartered management accountant
11. ASPE (Accounting standards for private enter- prises) is different from IFRS in that it does not allow a company to show
property, plant and equipment at its current mar- ket value.
property, plant and equipment at historical cost. property, plant and equipment at current market value plus depreciation.
property, plant and equipment at historical cost minus depreciation.
12. The current ratio for a firm with $12 million in current assets and $4 million in current liabilities would be
4.0
3.0
2.5
1.4
property, plant and equipment at its current market value.
3.0
Current ration = current assets / current liabili- ties
13. The earnings of a Canadian company that mainly increase (relativewhKonrd•cfjDK
operates in Europe will , if the value of the euro rises relative to the Canadian dollar.
increase decrease
sharply increase, then decline not change
14. Accounting services are provided to individuals or businesses for a fee by
internal auditors. management accountants. government accountants. public accountants.
15. Owners' equity is the sum of
contributions from owners and retained earnings assets and liabilities
current financial investments and cash divi- dends.
net income and cash dividends.
16. If a firm has an asset turnover ratio of 2.00, it means that it needs in sales for each dollar invested in assets.
$2.00
$2.50
$3.00
$1.00
17. If Camden Products takes out a bank loan to buy a machine for $500,000 value, what will happen to the company's assets and liabilities?
both will stay the same
assets will rise and liabilities will fall both will fall
both will rise
18. Which of the following organizations operates much like the AcSB does in Canada and pro- motes worldwide consistency in financial report-
public accountants.
contributions from own- ers and retained earn- ings
$2.00
both will rise
IASB
ing practice?
IASB SEC IFRS GAAP
19. If a firm has a(n) ratio of 2.00, it means asset turnover
that it needs $2 in sales for each dollar invested in assets.
asset turnover asset
debt
inventory turnover
20. Which act must be complied with by all Canadian companies that have publicly traded shares or debt on a U.S. stock exchange?
FASB
Corruption of Foreign Public Officials Act SOX
Bill 198
The primary difference between an accrual ac- [Show Less]