Accounting Standards

Question 0

Accounting standards for private enterprises

Answer 0

A set of accounting standards established by the accounting standards Board to help private Canadian organizations make the transition to global standards

Question 1

Accounting standards Board definition

Answer 1

An independent Canadian organization that develops and establishes accounting standards for the Canadian private sector

Question 2

Business entity concept

Answer 2

A long-standing accounting principle that keeps the accounting for a business separate from accounting for the owner or for any other business

Question 3

Canadian generally accepted accounting principles

Answer 3

Specific guidelines established by professionals accountants to be followed in the preparation of accounting records and financial statements

Question 4

Continuing concern concept

Answer 4

The assumption that the company will continue to operate normally unless it is known that it will not

Question 5

Cost principle

Answer 5

The traditional accounting practice of the listing assets at their cost price rather than the market value

Question 6

International accounting standards Board

Answer 6

And independent not-for-profit organization that develops and establishes international financial reporting and standards for the private sector

Question 7

International financial reporting standards are

Answer 7

A set of clear and forcible and globally accepted accounting standards for publicly traded companies produced by the international accounting standards Board and adopted by over 100 countries

Question 8

Matching principle

Answer 8

The principle that each expense item related to revenue earned must be recorded in the same physical period As the revenue it help to earn

Question 9

Objectivity principal

Answer 9

The principle that the business is accounting records must be based on clear verifiable evidence. This means that different people will reach the same conclusion when looking at same source documents

Question 10

Reevaluation model

Answer 10

And I F RS rule that allows accountants to record assets aftermarket rather than his stork values

Question 11

Revenue recognition principle

Answer 11

The principle that states revenue is to be recorded in the accounts or recognized at the same time the transaction is completed

Question 12

Time periodConcept

Answer 12

The concept that accounting must take place over specific fiscal periods that are of equal length and are used for measuring the financial progress of the business