Ch 2 Flashcards
(10 cards)
1
Q
On the balance sheet, liabilities are listed in what order?
A
repayment
2
Q
capital assets are listed in what order on balance sheet?
A
permanency
3
Q
current assets are listed in what order on balance sheet?
A
liquidity
4
Q
A __ is anyone that the owes money to while a ___ is anyone that owes money to the business
A
Creditor, Debitor
5
Q
business transactions is defined as a financial event that changes the…
A
financial position
6
Q
All source documents must be filed to …
A
owners, managers, auditors
7
Q
IFRS
A
international financial reporting standards
8
Q
ASPE
A
accounting standards for private entreprises
9
Q
Objectivity principle
A
a business’s accounting should be recorded on the basis of clear and verifiable evidence
10
Q
Example of cell reference is ….
A
B4, A11
