The AcSB

question 123

Multiple Choice

The AcSB:

• A)has primary responsibility for setting the underlying rules of accounting in Canada.
• B)is an entity that regulates issuance of securities in Ontario.
• C)An independent body supported by CPA Canada to develop and establish standards and guidelines that govern financial accounting and reporting in Canada.
• D)is an examination of a company's financial statements by an independent auditor.

---

Definitions:

Residual Value

The estimated value that an asset will have at the end of its useful life.

Gross Profit

The profit a company makes after deducting the costs associated with making and selling its products, or the costs associated with providing its services.

Consolidated Net Income

The total net income of a parent company and its subsidiaries, after the elimination of inter-company transactions and balances.

Non-Controlling Interest

A minority stake in a company or subsidiary where the shareholder does not have control over company's policies or decisions.