What is a business transaction?
What are source documents?
The GAAPs and IFRS
- OBJECTIVITY PRINCIPLE (GAAP)
- IFRS – “Reliability – Neutrality”
To be reliable, the information contained with the financial statements must be neutral, that is, free from bias.
Additional Practice and Review
Read pages 58-59, Questions 1-7, Exercises 1
Updating the analysis sheet and balance sheet
Additional Practice and Review:
Read Pages 61-69 Questions 1-10 Exercises 2-3
The Week in Review: