From the Kelowna Case: What is Joel's internal control issue?

Question 13 options:

	Joel doesn't have the appropriate financing in place
	Joel is currently using the same person to receive cash and cheques, post them to the receivables subledger, and reconcile the bank account.
	Joel doesn't know how to run his business
	Joel doesn't have an internal control issue.

Question 14 (1 point)

From the Kelowna Case: Because Joel operates a lean business, he should be ensuring that someone other than the cash receipts clerk deposits customer remittances, and another person (or Joel himself) should reconcile the bank account.

Question 14 options:

	True
	False

Question 15 (1 point)

From the Kelowna Case: When clients are seeking new financing, they are often motivated to improve the look of their bottom line. In this situation its ok not to follow GAAP because the users needs are more important.

Question 15 options:

	True
	False

Question 16 (1 point)

From the Shutter Bug Case: From whose perspective will you be answering the case?

Question 16 options:

	Independent Advisor
	Bookkeeper
	Auditor
	Bank / Sharholder

Question 17 (1 point)

From the Shutter Bug Case: What is the case required?

Question 17 options:

	Complete all journal entries
	Complete closing entries
	Complete T accounts and all financial statements
	All of the above

Question 18 (1 point)

From the Shutter Bug Case: Who are the users of the financial information?

Question 18 options:

	James
	Photo Equipment Vendor
	CRA
	All of the above

Question 19 (1 point)

From the Shutter Bug Case: What are the primary users' needs? (Demand)

Question 19 options:

	Profit analysis purposes
	Loan Evaluation purposes
	Tax determination purposes
	All of the above answers

Question 20 (1 point)

From the Shutter Bug Case: What is the appropriate financial reporting framework/guidance? And why?

Question 20 options:

	IFRS
	ASPE
	Non-Profit Accounting
	Non-GAAP Principal

Question 21 (1 point)

From the Play Tennis Case: What is your role

Question 21 options:

	Accounting Student/ Advisor
	Auditor
	Bank / Vendor
	none of the above

Question 22 (1 point)

From the Play Tennis Case: What is the case required?

Question 22 options:

	Journal entries for accounting transactions
	Advice and recommendations on the accounting policies
	Complete internal controls audit
	All of the above

Question 23 (1 point)

From the Play Tennis Case: Who are the primary users of the information you are providing?

Question 23 options:

	Martha the owner
	Private Investors
	Johnny Mac
	All of the above

Question 24 (1 point)

From the Play Tennis Case: What are the Martina's needs?

Question 24 options:

	Performance Measurement
	Minimize Tax
	Determination of Johnny's Mac Commission / Bonus
	All of the above

Question 25 (1 point)

Saved

From the Play Tennis Case: What are the private investors needs?

Question 25 options:

	Performance Measurement
	Minimize Tax
	Determine Potential to pay back loan
	All of the Above

Question 26 (1 point)

From the Play Tennis Case: What is the most appropriate financial reporting framework/guidance?

Question 26 options:

	IFRS
	ASPE
	Either IFRS or ASPE
	Neither IFRS or ASPE