1. Accounting Standards Board is responsible for authorizing a. the Canadian Institute of Chartered Accountants b. the Securities and Exchange Commission c. the IFRS and ASPE accounting standards used in Canada d. the code of professional conduct for accountants

2.On December 31, 2020 assets of Marhaba Corporation (MC) are: Cash, $3,500, Accounts Receivable, $14,000, and Supplies, $1,050. Liabilities on December 31 2020 total $7,600. Owner's Equity on December 31, 2020 is ? 3. Which statement about mediation is correct? a. The mediator's decision is legally binding. b. The Mediator is a neutral third party whose task is to suggest a compromise that will get the negotiations moving ahead. c. all of the above d. The mediator is appointed by management.

4. What are the steps in the forecasting and budgetary process?

5. ____ refers to a longer-term assessment of the stability of the organization. 6. The financial document that has been likened to a snapshot of how the company's chances are doing at that moment is called a(n): ______ 7. The payment of each month for office space would ____ a. decrease liability b. increase total assets c. increase owner's equity d. increase expenses

8. Which is correct with regard to selecting human resources? a. the interview is a popular selection tool b. an assessment centre is a place where HR professionals analyze an applicant's application form c. interviewers can increase interview validity by asking "curveball questions". d. an application form is an inefficient method of gathering information about an applicant

9. Which is the best example of a liquidity ratio? a. debt to equity ratio b. earnings per share c. current ratio d. inventory turnover

10. Owner's Equity is a(n): a. obligation to pay cash in the future b. obligation to pay cash today c. insider claim to the business's assets d. outsider claim to business's assets

11. Which is best example of a profitability ratio? a. return on assets b. return on sales c. debt ratio d. inventory turnover

12. Which is the most important reason for a business to exist? a. employees b. profit c. people d. community

13. Purpose of organization charts? a. they show the firm's structure and the relationship of employees within the organization b. they are a valuable tool for companies experiencing a large increase in research and development expenditures on new products c. they determine which jobs need to be accomplished and who will perform them d. they show the grouping of jobs into logical units

14. Which is not typically part of compensation? a. employee benefits b. salaries or wages c. gym membership d. bonuses

15. One of the most important tactics used by unions when collective bargaining efforts break down is: a. injunctions and lockouts b. strikes c. conciliation d. enforcement of right-to-work clauses and cooling-off periods

16. total assets and liabilities were 31000 and 26000 respectively at the beginning of the period. assets increased by 20% and liabilities increased by 10% during the period. what is the owner's equity at the end of the period? a. 8600 b. 5000 c. 290 d. 65800

17. an organization's human resources are considered a huge ____ to an organization's success: a. drain b. liability c. asset d. contributor

18. the absolute most important reason for business is, and always will be ___ a. corporate social responsibility b. people d. philanthropy d. profit

19. Which are not part of the cost ladder: a. plant and manufacturing b. marketing, sales, administration, and service c. suppliers, distribution and logistics d. profit margin

20. What are liabilities? a. outsider claims on business's assets b. insider claims on business's assets c. increases in owner's equity earned by delivering goods or services d. economic resources of business 21. Main function of financial institutions is to ___ a. offer trust services b. offer chequing and savings accounts c. facilitate the flow of money from sectors with surpluses to those with deficits d. provide loans to small businesses 22. To assure investors and other outsiders that financial statements are accurate, hire a public accounting firm to a. produce an internal audit b. provide tax advice c. track down funds that are shown on the financial statements d. take over all of its accounting functions 23. Outside equity financing that is provided in return for part ownership of borrowing firm is ____ a. debt financing b. trade-credit c. angel money d. venture capital 24. Primary function of bank of canada is to : a. charter new banks b. appoint its board's members c. regulate the supply of money in Canada to help maintain a healthy economy 25. Transactions affecting owner's equity include a. owner withdrawals and owner investments b. purchases of assets for cash c. purchases of assets on account d. only owner investments