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Multiple Choice Quiz
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1
Which of the following is not a function of accounting?
A)collecting data
B)communicating information
C)decision making
D)none of the above
2
Managerial accounting provides information to:
A)Canada Revenue Agency (CRA)
B)pension fund portfolio managers
C)decision makers within the entity
D)creditors, such as suppliers
3
Which of the following is not usually in the field of financial accounting?
A)statements of retained earnings
B)budgets
C)cash flow statement
D)notes to audited financial statements
4
In an accounting context, which of the following would not be considered an entity?
A)a not-for-profit organization
B)a family business
C)a private corporation
D)the media
5
Owners of a corporation are known as:
A)shareholders
B)entrepreneurs
C)bondholders
D)management
6
Which of the following entities have limited liability?
A)proprietorships
B)individuals
C)lawyers
D)private corporations
7
People who examine an entity's financial information on behalf of external stakeholders are called:
A)external regulators
B)external auditors
C)chief executive officers
D)internal stakeholders
8
Which of the following is not an attribute that accounting may be used to measure?
A)the amount of tax an entity should pay
B)the market value of a business to determine its purchase price
C)how much an entity owes its lenders
D)how much of a performance bonus the entity's employees should receive
9
One advantage of the flexibility allowed by GAAP is
A)it makes accounting reports more interesting to read
B)it allows information to be presented in an suitable way depending on the situation
C)it sets rules that apply to all situations
D)it allows preparers to reflect their own personal interests
10
The conceptual groundwork for Canadian GAAP is laid out in
A)The Income Tax Act
B)Provincial Securities Commission manuals
C)Price Waterhouse policies and procedures manual
D)The CICA Handbook
11
Which of the following is not a characteristic of a private corporation?
A)its shares can be purchased by the public through a stock exchange
B)it is a separate legal entity
C)it is created under corporation laws
D)it provides limited liability to its shareholders
12
For accounting information to be reliable, it must be:
A)provided to users in a timely manner
B)reported in a straightforward manner
C)precise and unbiased
D)in a format that allows comparison with other entities





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