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20 Cards in this Set
- Front
- Back
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What does CICA stand for? |
Canadian Institute of Chartered Accountants |
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What does CGA stand for? |
Certified General Accountant |
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What does CPA stand for? |
Chartered Professional Accountant Certified Public Accountant |
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What does CMA stand for? |
Chartered Management Accountant |
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What does GAAP stand for? |
Generally Accepted Accounting Principles |
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What does IASC stand for? |
International Accounting Standards Committee |
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What does FASB stand for? |
Financial Accounting Standards Board |
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Which two terms are American? |
GAAP and FASB |
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How many years of practical experience must you have in accounting before you can become a professional member? |
2 |
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Audit |
checking the accuracy of a report, check that procedures are followed |
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Actuary |
person who compiles and analyzes statistics |
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Forensic accountant |
provides an accounting analysis suitable for court |
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What are 3 decisions a banker might make, using a client's financial statements to assist them? |
1. Do I give them the loan? 2. What interest rate fits the risk? 3. What collateral will I demand? |
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What decisions would an employee make based on their companies financial statements? |
Is my job safe? Should I start looking for a different job? Should I ask for a raise? |
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What decisions would a union leader make based on their companies financial statements? |
Can we ask for a raise? Are the cutbacks justified? |
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What decisions would a production manager in a factory make based on their companies financial statements? |
Should we buy on account? How much do we need to sell to profit more? Are we making enough profit? |
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What is the difference between a public and private accountant? |
public accountants are available for hire by anybody and private accountants are hired for one company full-time |
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What are three reasons why the accounting profession would appeal to someone? |
1. Professional lifestyle 2. Good income 3. Strong job market |
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What are three roles of an accountant? |
1. Perform audits 2. Organize financial reports 3. Analyze financial data |
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How are bookkeepers different from professional accountants? |
bookkeepers have more predictable schedules and their work is repetitive |
