
Introduction to Accounting
Authored by GIC Wint
Financial Education
11th Grade

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9 questions
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1.
OPEN ENDED QUESTION
3 mins • 1 pt
What is accounting?
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Answer explanation
Accounting is the process of recording, summarizing, analyzing, and reporting financial transactions of a business.
2.
OPEN ENDED QUESTION
3 mins • 1 pt
Why study accounting?
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Answer explanation
To understand financial health, make informed decisions, and pursue a career in finance or business.
3.
OPEN ENDED QUESTION
3 mins • 1 pt
Working as a Chartered Professional Accountant (CPA) - Public vs Private Practice
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Answer explanation
Choosing between public and private practice as a CPA depends on factors like work-life balance, client interaction, and career growth. Public practice offers diverse clients and faster career progression, while private practice provides stability and specialized expertise.
4.
OPEN ENDED QUESTION
3 mins • 1 pt
Characteristics of businesses
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Answer explanation
Characteristics of businesses include factors such as size, industry, ownership structure, location, and target market.
5.
OPEN ENDED QUESTION
3 mins • 1 pt
What are the three categories into which accounting tasks can be divided?
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Answer explanation
The three categories into which accounting tasks can be divided are financial accounting, management accounting, and auditing.
6.
OPEN ENDED QUESTION
3 mins • 1 pt
What is the recurring set of accounting procedures carried out over the course of each fiscal period called?
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Answer explanation
The recurring set of accounting procedures carried out over the course of each fiscal period is called 'closing the books.'
7.
OPEN ENDED QUESTION
3 mins • 1 pt
What is the new designation for accountants in Canada after the merger of existing accounting designations?
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Answer explanation
The new designation for accountants in Canada after the merger of existing accounting designations is CPA (Chartered Professional Accountant).
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