Part I - Multiple Choice 1) Since the three forme one and only designation now is; che three former professional designations for accountants in Canada unin tants in Canada unified, the a) Chartered Accountant (CA) b) Certified Management Accountant (CMA) c) Certified General Accountant (CGA) d) Chartered Professional Accountant (CPA) 2) What is the main reason for Canada transitioning from the use of Canadian GAAP toward IFRS? a) International Financial Reporting Standards are less expensive to operate under. b) International Financial Reporting Standards are used in the United States. C) All UN members must switch to International Financial Reporting Standards by the year 2021. d) International Financial Reporting Standards offer a uniform set of standards that are used in the majority of the countries around the globe. 3) On a balance sheet, if total assets increased by $25,000 and total liabilities decreased by $25,000 then the owner's equity would; a) increase by $50,000 b) decrease by $50,000 c) increase by $25,000 d) decrease by $25,000 e) remain unchanged 4) The concept that only those business transactions that can be proven should be recorded is known as the; a) Conservatism Principle b) Reliability Principle (a.k.a. the Objectivity Principle) c) Consistency Principle d) Materiality Principle 5) In accounts, the beginning value sides are as follows: a) debit for assets; credit for liabilities; credit for equity b) credit for assets; credit for liabilities; credit for equity c) debit for assets; debit for liabilities; debit for equity d) credit for assets; debit for liabilities; debit for equity