Chapter 1 Word Scramble
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Question | Answer |
Bookkeeper - (accounting clerk) | perform the clerical work (daily) |
Accountant | does the analysis (decision making) |
Who uses the financial data? 2 groups | Internal Users - Manager, owner, employees External Users - Customers, government, creditors |
How do we know if the financial information is accurate? | -the government sets rules -other people can check your work, and this is called an audit |
What are the 4 main types of businesses? | 1. Service 2. Merchandising (retail) 3. Manufacturing 4. Franchise |
Main forms of ownership | 1. Sole Proprietor 2. Partnership 3. Corporation 4. Cooperative |
3 Professional Accounting designation in Canada | 1. C.A (chartered accounting) 2. CMA (Certified Management Accounting) 3. cga (Certified General Accounting) |
Created by:
Fabolou5
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