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CVPM > Section 5 > Flashcards

Section 5 Flashcards

1
Q

This is a contributory earnings related social insurance program. It is one of the 22 public retirement income systems of Canada, the other being old age security

A

Canada pension plan

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2
Q

The equity of the owners in a business enterprise

A

Capital

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3
Q

When one entity acquires control of another entity

A

Capital acquisitions

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4
Q

What is cash accounting?

A

A system that only recognizes income when cash is collected from a sale and only recognizes expenses when cash is paid for goods and services

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5
Q

Accounting method that measures income when cash is received and expenses, when cash is spent

A

Cash basis

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6
Q

An estimate of cash receipts and disbursements for a specific period of time. Used to determine whether a business has enough money to maintain standard operations, and also helps determine if cash money is being used in unproductive capacities.

A

Cash budget

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7
Q

Financial report on the sources of cash and uses of cash

A

Cash flow statement

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8
Q

An accounting professional, with a higher level of professional education

A

CPA certified public accountant

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9
Q

A systematic listing of all accounts, names and numbers used by a company

A

Chart of accounts

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10
Q

What is a CPA called in Canada?

A

Just a chartered accountant

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11
Q

A procedure set in place to reduce mistakes of improper behaviour

A

Checks and balances

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12
Q

A reduction in price for services or products to an individual

A

Client discounts

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13
Q

The process of collecting funds owned to the business

A

Collections

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14
Q

The amount a practice owes to suppliers

A

Accounts payable

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15
Q

Money that is owed to the practice for products or services

A

Accounts receivables

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16
Q

An accounting system recognizes revenues as earned and expenses as incurred

A

Accrual accounting

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17
Q

Accounting method that recognizes income, when it is earned and expenses, with they are incurred, regardless of when cash is received

A

Accrual basis

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18
Q

Relating to income that remains after the deduction of taxes

A

After tax

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19
Q

A particular period of time as distinguished from other periods

A

Ageing

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20
Q

Periodic expense attributed to the decline in usefulness of intangible assets over its estimated useful life

A

Amortization

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21
Q

An asset that lacks physical substance, and is hard to evaluate

A

Intangible asset

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22
Q

A trust which can be used to maintain control over the trust assets for designated period of time which may survive death

A

Asset control

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23
Q

Things of value owned by a business, such as cash, accounts, receivable, and equipment

A

Assets

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24
Q

An asset expected to be sold, consumed or exhausted through the normal operations of the business within the current fiscal year

A

Current assets

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25
Q

An asset that cannot easily be converted to cash

A

Fixed asset

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26
Q

Describe the difference between current fixed and intangible assets

A

Current is short-term assets, such as inventory and cash.
Fixed is long-term assets, such as land, buildings, and equipment.
And tangible is not physical in nature, such as copyrights and goodwill. 

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27
Q

A record of financial transactions, where an accountant can reconstruct the sequence of events

A

Audit trails

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28
Q

Total revenue, divided by total number of transactions in the same time period.

A

Average revenue per invoice or average transaction charge

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29
Q

Illegal procedure, through which some portion of an employees earnings is withheld by an employer for the payment of services or products

A

Commission pay garnishments

30
Q

What is the consumer price index?

A

An index of prices used to measure the change in the cost of basic goods and services and comparison with a fixed base period

31
Q

I fixed step-by-step sequence of activities that must be followed in the same order to perform a task

A

Day end procedures

32
Q

Clear written guidelines, that set the terms and conditions for supplying goods and services on credit

A

Credit policy

33
Q

Theoretical price index that measures relative cost-of-living overtime or regions. It measures the differences in price of goods and services.

A

Cost-of-living

34
Q

A notification sent to a customer stating that the customer is overdue and paying an account

A

Dunning letter or collection letter

35
Q

Electronic transfer of payment from the account of the payer to the recipient

A

Direct deposit

36
Q

This is defined as an additional amount of income that an employee is offered in order to motivate them to accept an undesirable job

A

Differential pay

37
Q

The process of allocating, the cost of an asset across the time period for which it provides benefit

A

Depreciation

38
Q

A sum of money placed in a bank account to gain interest

A

Deposits

39
Q

Business, expenses or losses that are legally permitted to be subtracted from the gross revenue from a business when computing its taxable income

A

Deductions

40
Q

A duty to pay money, deliver goods, or render services under an express or implied agreement

A

Debt

41
Q

The percentage rated which general level of prices is rising and subsequently purchasing power is falling

A

Inflation rate

42
Q

What does incorporated mean?

A

Formed into a legal corporation

43
Q

Tax levy by a government directly on income, especially on personal income

A

Income tax

44
Q

Another term for profit and loss statement

A

Income statement

45
Q

Name of the report on financial performance that covers a period of time and covers income and expenses

A

Income statement or profit and loss statement

46
Q

A recurrent benefit usually money

A

Income

47
Q

A fund or cash reserve that is maintained at a constant level for lengthy periods of time

A

Imprest account

48
Q

Salary compensation is exempt from overtime laws, true or false

A

True. Only hourly compensation has overtime pay for work in excess of 40 hours per week.

49
Q

Past data used as a basis for forecasting future trends

A

Historical data

50
Q

Total value of goods produced, and services provided in a country during one year

A

GDP gross domestic product

51
Q

The collection of assets liability, equity revenue, and expense accounts, from which the financial statements are derived

A

General ledger

52
Q

An intentional concealment of the truth to gain unlawful or unfair advantage. An act of deception.

A

Fraud

53
Q

Costs that may be manipulated in amount or eliminated by not engaging in the activity that incurred the expense

A

Flexible or variable expenses

54
Q

An expense that does not change with an increase, or decrease in the amount of goods or services provided

A

Fixed expense

55
Q

Expenses that have to be paid by a company independent of any business activity

A

Fixed costs

56
Q

Also referred to as the statement of financial conditions. It’s summarizes the assets, liabilities and owners equity at a particular date.

A

Balance sheet

57
Q

Summary of financial transactions, which have occurred over a given period on a bank account

A

Bank statement

58
Q

Measurable quantities for given period of time that are considered industry standards

A

Benchmark

59
Q

The process by which a business compares itself to others

A

Benchmarking

60
Q

What are billing fees?

A

A charge added to a bill, sent to a client to compensate the practice for the costs of billing when usually the policy requires payments at the time of service

61
Q

Money, or an equivalent, to given, in addition to an employees usual compensation

A

Bonus

62
Q

And analysis that is used to determine when your business will be able to cover all of its expenses, and begin to make a profit

A

Break even analysis

63
Q

The financial projection used to estimate and control the results of future business operations

A

Budget

64
Q

What is liability insurance?

A

Insurance that protects the company or business owner, and the event of a formal lawsuit or other third-party claim

65
Q

The fraudulent appropriation of funds or property, and trusted to your care, but owned by somebody else

A

Embezzlement

66
Q

This provides temporary financial assistance to unemployed Canadians, who have lost their job through no-fault of their own while they continue to look for work

A

Employment insurance

67
Q

The owners claim on the practises assets

A

Equity

68
Q

Measured outflow of services and goods matched to the revenue generated for the outflow

A

Expenses

69
Q

Attacks levied on annual earnings of individuals, corporations, trust, and other legal entities

A

Federal income tax

70
Q

Money charged for payments that extend beyond an ageee upon time limit

A

Finance charge

71
Q

A fee, representing the cost of credit, or the cost of borrowing

A

Finance fees

CVPM (10 decks)

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