Matching Quiz

Match the following terms and definitions


1				A system of analyzing, recording, and summarizing the results of a business’s activities and then reporting the results to decision makers.


2				Accounting reports that summarize the financial results of business and financing activities.


3				The financial reports of a business are assumed to include the results of only that business’s activities.


4				Reports the amount of revenues less expenses for a period of time.


5				Results of business activities should be reported in an appropriate monetary unit, which in Canada is the Canadian dollar.


6				Accumulate and report the effects of each different business activity.


7				Reports the way that net income and the distribution of dividends affected the financial position of the company during the period.


8				Reports the amount of assets, liabilities, and shareholders’ equity of a business at a point in time.


9				Reports the operating, investing, and financing activities that caused increases and decreases in cash during the period.


10				Rules of accounting approved by the Canadian Institute of Chartered Accountants for use in Canada.


11				Rules of accounting created by the International Accounting Standards Board (IASB) for international use.


12				Have shares traded in a public market or hold assets in a fiduciary capacity for someone else and are required to use IFRS.


13				Do not have publicly traded shares in an open market nor do they hold assets in a fiduciary capacity for someone else. Have the option to use IFRS or ASPE.


14				Rules of accounting that address issues that are more relevant in a private enterprise environment and therefore can be used by private enterprises only.


15				Provide auditors with up-to-date tools and required procedures in order to carry out high-quality financial statement audits in today’s complex business environment.


16				Created by the U.S. Congress after the fall of Enron due to accounting fraud. Includes regulations on many topics, including internal control systems and certification of executives.

Answer choices for questions 1 through 16

A)	International Financial Reporting Standards
B)	Accounts
C)	Generally accepted accounting principles
D)	Balance sheet
E)	Accounting Standards for Private Enterprises
F)	Canadian Auditing Standards
G)	Accounting
H)	Private enterprises
I)	Statement of cash flows
J)	Financial statements
K)	Income statement
L)	Statement of retained earnings
M)	Sarbanes–Oxley Act
N)	Separate entity assumption
O)	Unit of measure assumption
P)	Publicly accountable profit-oriented enterprises

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