Week 1 & 2 Recall Exercise: Dollars and Sense

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Across
  1. 3. The percentage of meals CRA allows as a deductible expense.
  2. 4. The difference between "Profit" and "Net Income" is that the latter takes into account _____ Taxes.
  3. 6. The two methods for reporting Income are the _____ and Accrual methods.
  4. 7. When you owe somebody money accountants say you have a ______.
  5. 9. This type co-operative provides employment for its members.
  6. 11. "COGS" is short for Cost of Goods ______.
  7. 15. A _______ Order system is one method used to control unwanted orders.
  8. 16. "KPI" is short for Key Performance _________.
  9. 17. The Double Entry accounting system consists of _____ and Credits.
  10. 18. When filing on-line reports with CRA, it's important you print out your ______ number.
  11. 19. When others owe you money you are said to have a _________.
  12. 23. "CRM" is short for ________ Relationship Management system.
  13. 24. The various pieces of paper that get entered into the bookkeeping system are called _____ documents.
  14. 25. When you start up a Corporation, you designate the number of ______ you want to authorize.
  15. 26. We bill customers using a Sales _________.
  16. 27. Spending can be categorized into ______ and Wants.
Down
  1. 1. Bookkeeping and Accounting are all about documenting _______.
  2. 2. When reading a Financial Statement, we read from _____ to bottom.
  3. 3. For a Sole Proprietorship, its ______ year normally coincides with its Calendar year.
  4. 5. Business travel must be documented using a ______ log.
  5. 8. A good tool for assessing your online presence is Google ______.
  6. 10. CRA requires your business records be easily accessible in an _______ fashion.
  7. 12. In order to calculate Input Tax Credits, it's important receipts be legible and have the ____ broken out.
  8. 13. Another name for Overhead is _____ costs.
  9. 14. The automatic method of these is a good way to save.
  10. 15. The least expense way to start a business is a Sole ________.
  11. 19. Allocating various amounts on an invoice to different accounts is known as ______.
  12. 20. Businesses that spend at least 10 hours per week on Financial Management are 3-5 times more likely to have this.
  13. 21. If you owe them money, CRA can do this to your bank account: ______ it.
  14. 22. Once a business generates _______ thousand in Revenue in any 3 consecutive quarters it must register for GST.