Vigitha Is 65 Years Old, and While She Was Not

question 1

Multiple Choice

Vigitha is 65 years old, and while she was not born in Canada she is eligible for a full OAS pension. What is the OLDEST Vigitha could have been when she immigrated to Canada?

• A) 15
• B) 25
• C) 35
• D) 45

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Definitions:

Liabilities

Financial obligations or debts owed by a company to creditors.

Internal Control

Processes and procedures implemented by a company to safeguard its assets, ensure accurate financial reporting, and promote compliance with laws and regulations.

Voucher System

A control mechanism in accounting that uses vouchers to record and authorize transactions prior to their occurrence.

Gross Method

An accounting method for recording purchases at the gross invoice amount before deducting any cash discounts.