ADMS 1010 EXAM CH 7-12 QUESTIONS AND
ANSWERS
Intermediary - Answers - A person who acts as a link between people in order to try t
bring about an agreement or reconciliation; a mediator
Accounting - Answers - measuring, interpreting, and communicating financial
information about economic entities.
Balance Sheet - Answers - Statement of financial position at a given point in time
Assets - Answers - Economic resources (things of value)
Liabilities - Answers - Economic obligations (things owed)
Ownership Equity - Answers - Residual value after liabilities are paid
Income Statement - Answers - Statement of income, expenses, and profits over a given
period
Cash Flow Statement - Answers - reports on cash flow activities, particularly operating ,
investing, financing activities
Financial accounting - Answers - Summary, analysis, and reporting of financial
transactions (looking back - historical)
Management accounting - Answers - Use of accounting information to make better
management decisions (looking forward - predictive)
Auditing - Answers - Independent examinations of an organizations accounts
Tax - Answers - accounting for tax purposes
Before October 1st 2014 Accounting in Canada Consisted if - Answers - - Canadian
institute of chartered accountants (CA)
- Certified general accountants of Canada (CGA)
- The society of management accountants of Canada (CMA)
After October 1st 2014 Accounting in Canada Consisted if - Answers - A new single
professional body for all professional body for all accountants in Canada - Chartered
Professional Accountant (CPA)
Claims - Answers - The major conclusion that the author is trying to persuade you to
accept
, Casual Claims - Answers - Interpretation of cause and effect relationships, the basis for
decision making and reasoned action
Correlation - Answers - 2 things are related to each other
Reverse Causation - Answers - The outcome is in fact the cause not vice-versa
Post hoc (_____) ergo (_____) propter hoc (_______ _______ ______) - Answers -
After this; therefore; because of this
ESG - Answers - Environmental, Social, Governance
Finance - Answers - a field that deals with the allocation of assets and liabilities over
time under conditions of certainty and uncertainty
Public Finance - Answers - Addresses he role of government in the economy
corporate finance - Answers - funding and capital structure of corporations - investment
banking
personal finance - Answers - Financial management for individuals and families
International Monetary Fund - Answers - Came out of the Bretton Woods Conference
following WWII
World Bank - Answers - international financial institution of the united nations, provides
loans fir development in developing countries
Regulatory agencies - Answers - Set the rules for the 'players' in the financial system
Central Banks [Bank of Canada] - Answers - Manages a states currency, money supply,
interest rates, inflation. Crown corporation that operated at arms length from the
government
Banks - Answers - A financial intermediary that accepts deposits and channels those
deposits into lending activities
retail banks - Answers - general full-service banking services for individuals and
businesses
Investment banks - Answers - Help clients raise financial capital by underwriting or
acting as the clients agent.
Securities - Answers - Tradeable financial assets (Stocks, bonds, derivatives, etc)
ANSWERS
Intermediary - Answers - A person who acts as a link between people in order to try t
bring about an agreement or reconciliation; a mediator
Accounting - Answers - measuring, interpreting, and communicating financial
information about economic entities.
Balance Sheet - Answers - Statement of financial position at a given point in time
Assets - Answers - Economic resources (things of value)
Liabilities - Answers - Economic obligations (things owed)
Ownership Equity - Answers - Residual value after liabilities are paid
Income Statement - Answers - Statement of income, expenses, and profits over a given
period
Cash Flow Statement - Answers - reports on cash flow activities, particularly operating ,
investing, financing activities
Financial accounting - Answers - Summary, analysis, and reporting of financial
transactions (looking back - historical)
Management accounting - Answers - Use of accounting information to make better
management decisions (looking forward - predictive)
Auditing - Answers - Independent examinations of an organizations accounts
Tax - Answers - accounting for tax purposes
Before October 1st 2014 Accounting in Canada Consisted if - Answers - - Canadian
institute of chartered accountants (CA)
- Certified general accountants of Canada (CGA)
- The society of management accountants of Canada (CMA)
After October 1st 2014 Accounting in Canada Consisted if - Answers - A new single
professional body for all professional body for all accountants in Canada - Chartered
Professional Accountant (CPA)
Claims - Answers - The major conclusion that the author is trying to persuade you to
accept
, Casual Claims - Answers - Interpretation of cause and effect relationships, the basis for
decision making and reasoned action
Correlation - Answers - 2 things are related to each other
Reverse Causation - Answers - The outcome is in fact the cause not vice-versa
Post hoc (_____) ergo (_____) propter hoc (_______ _______ ______) - Answers -
After this; therefore; because of this
ESG - Answers - Environmental, Social, Governance
Finance - Answers - a field that deals with the allocation of assets and liabilities over
time under conditions of certainty and uncertainty
Public Finance - Answers - Addresses he role of government in the economy
corporate finance - Answers - funding and capital structure of corporations - investment
banking
personal finance - Answers - Financial management for individuals and families
International Monetary Fund - Answers - Came out of the Bretton Woods Conference
following WWII
World Bank - Answers - international financial institution of the united nations, provides
loans fir development in developing countries
Regulatory agencies - Answers - Set the rules for the 'players' in the financial system
Central Banks [Bank of Canada] - Answers - Manages a states currency, money supply,
interest rates, inflation. Crown corporation that operated at arms length from the
government
Banks - Answers - A financial intermediary that accepts deposits and channels those
deposits into lending activities
retail banks - Answers - general full-service banking services for individuals and
businesses
Investment banks - Answers - Help clients raise financial capital by underwriting or
acting as the clients agent.
Securities - Answers - Tradeable financial assets (Stocks, bonds, derivatives, etc)
