1.
Users who work inside the business and make internal decisions
2.
Users or organizations outside the business who use financial statements
3.
Field of accounting that prepares statements for external users
4.
Field of accounting that prepares reports for internal users
5.
A business owned by one person
6.
A business owned by two or more persons
7.
A separate legal entity with ownership divided into shares
8.
An organization that provides services and redistributes profits to the community
9.
Information that helps users make decisions or predictions
10.
Financial statements prepared the same way year after year
11.
Financial information provided within a reasonable time
12.
Information that can be supported and confirmed by evidence
13.
Information that users with basic accounting knowledge can understand
14.
Information significant enough to influence a user’s decision
15.
Exercising caution by not overstating assets or revenues
16.
The assumption that business and personal records must be kept separate
17.
The assumption that records must be expressed in money
18.
The assumption that a business will continue operating in the future
19.
The principle that revenue is recorded when goods are sold or services performed
20.
The principle that expenses are recorded in the same period as related revenue
21.
The principle that all important information must be included with statements
22.
Standards of right and wrong in accounting practices
23.
Generally accepted accounting principles
24.
International standards used by public companies in Canada
25.
Standards used by private enterprises in Canada
26.
Uniform system for hospitality accounting statements
