Private companies must use a internaonal financial

9. Private companies must use:
a. Interna$onal Financial Repor$ng Standards only.
b. Canadian GAAP for Private Enterprises only.
c. both methods, choosing principles from either method based on their needs.
d. one method and report the method used on their financial statements.
10. Combining the economic record keeping of two separate businesses would violate the: 11. Which accoun$ng assump$on assumes that a company will con$nued in opera$on long enough
to carry out its exis$ng objec$ves and commitments?

12. The resources owned by a business are called:
13. The accoun$ng equa$on can be stated as:
a. Assets = Liabili$es + Owner’s Equity
b. Owner’s Equity = Assets – Liabili$es
c. Liabili$es = Assets – Owner’s Equity
d. all of the above.