14.) Current liabilities include accounts receivable, unearned revenues, and taxes owed.

True or False

23.) In Canada, the national organization that has been established to train and monitor its highly qualified professionals to navigate through today's complex and dynamic business climate while demonstrating a commitment to its core values is called

Multiple Choice

• all of the choices are correct.

• certified management accountants.

• management accountant.

• chartered professional accountants.

• general accountant.

27.)

The matching principle requires

Multiple Choice

• That bad debt expenses be reported in the same accounting period as the sales they helped generate

• The use of the allowance method of accounting for bad debts

• The use of the direct write-off method for bad debts

• That bad debt expenses be reported in the same accounting period as the sales they helped generate and requires the use of the direct write-off method for bad debts

• That bad debt expenses be reported in the same accounting period as the sales they helped generate and requires the use of the allowance method of accounting for bad debts

53.)

Use of the FIFO cost flow assumption means that

Multiple Choice

• Goods are removed from inventory at their average cost

• Ending inventory items are the ones most recently purchased

• The beginning inventory contains the oldest costs

• All of these are correct answers.

• The periodic costing system is used