CGA Cheat Sheet 2026

The 30 highest-yield CGA facts, distilled from real exam questions. Print it, save it as a PDF, or study it here — free, no sign-up.

1. What does the term 'systematic risk' refer to in portfolio theory? → Risk inherent to the entire market that cannot be diversified away
2. Which element is NOT required for a valid contract under US contract law? → Written documentation
3. What is the term for the deliberate failure to pay taxes owed? → Tax evasion
4. What is the primary purpose of corporate governance frameworks such as those recommended by the COSO? → To provide guidance on internal controls, risk management, and ethical governance
5. Which type of stock gives holders priority over common stockholders in dividend payments? → Preferred stock
6. Which of the following best describes a cost center within a responsibility accounting system? → A unit held responsible only for the costs it incurs
7. Which statement best explains 'depreciation' in financial reporting? → An expense representing wear and tear
8. The return on investment (ROI) formula divides net income by: → Total assets
9. Which tax form is typically used by individuals to file their annual income tax return? → Form 1040
10. Which type of variance measures the difference between actual hours worked and standard hours allowed, multiplied by the standard labor rate? → Labor efficiency variance
11. What does the 'integrity' component of the CIA triad in information security mean? → Data is accurate, complete, and has not been improperly modified
12. The degree of operating leverage (DOL) measures sensitivity of EBIT to changes in: → Sales revenue
13. Which of the following best describes a data warehouse? → A centralized repository of integrated data used for analysis and reporting
14. Which of the following best describes the concept of 'due professional care' in an audit? → Exercising the skill and diligence that a competent professional would apply
15. Which of the following is NOT a characteristic of a not-for-profit organization under Canadian accounting standards? → Its primary purpose is to provide goods or services at a profit
16. Under accrual accounting, revenue is recorded when: → Service is performed
17. What is the main purpose of a value-added tax (VAT)? → Tax on added value in goods/services
18. Under the Uniform Commercial Code (UCC), which type of contract primarily governs the sale of goods? → Article 2 of the UCC
19. Which cost concept distinguishes between costs that change with production volume and costs that remain fixed? → Variable vs. fixed costs
20. What is internal control in the context of auditing? → System of processes for safeguarding assets
21. What does Economic Value Added (EVA) measure? → The value created above and beyond the required return on capital
22. Which financial statement is unique to public sector entities and not typically found in private sector reporting? → Statement of Remeasurement Gains and Losses
23. Which international framework provides principles for corporate governance adopted by many countries? → OECD Principles of Corporate Governance
24. A company has a debt-to-equity ratio of 1.5. If total equity is $400,000, what is total debt? → $600,000
25. Government business enterprises (GBEs) in Canada are required to follow which accounting standards? → IFRS as adopted in Canada
26. Which cloud computing model delivers software applications over the internet on a subscription basis? → Software as a Service (SaaS)
27. A corporation's board of directors owes shareholders which primary fiduciary duty? → Duty of loyalty and duty of care
28. What is the primary objective of an audit? → Provide assurance on financial statements
29. Which type of IT control is designed to prevent errors or unauthorized access before they occur? → Preventive control
30. A balanced scorecard measures organizational performance across how many perspectives? → Four