Which of the Following Statements About the Typical Canadian Diet

question 59

Multiple Choice

Which of the following statements about the typical Canadian diet is TRUE?

• A)The intake of meat and alternatives is below the recommended level for most Canadians.
• B)The intake of vegetables and fruits is fewer than five servings for about half of adult Canadians.
• C)The intake of grains products is above the recommended level for most Canadians,especially those over age 51.
• D)The intake of milk and milk alternatives meets recommendations for two-thirds of Canadians over age 30.

Understand the key differences between capital leases and operating leases, including their treatment on financial statements.

Recognize the tax implications for lessors and lessees, including Capital Cost Allowance (CCA) recapture and terminal losses.

Understand the factors that determine the lease versus buy decision, including the impact of lease payments on taxes.

Identify different types of leases (synthetic, leveraged, sale and leaseback) and their characteristics.

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Definitions:

Company

A legal entity formed by a group of individuals to engage in and operate a business—commercial or industrial—enterprise.

Perpetual Inventory System

An inventory accounting technique that instantly logs the sale or acquisition of inventory using computerized point-of-sale systems and enterprise asset management software.

Adjusting Entry

A journal entry made in accounting records at the end of an accounting period to allocate income and expenditure to the appropriate periods.

Physical Inventory Count

A process of counting actual inventory to verify the quantity on hand, usually performed at the end of an accounting period.