The Expanded Ledger – Revenues , Expenses and Drawings

  • What are revenues, expenses and drawings?
  • How are these accounts related to Owner’s Equity?
  • GAAP – Revenue Recognition Principle- What is the corresponding IFRS?
  • The Chart of Accounts (Page 139)

Additional Practice and Review
Read Pages 132-135
Questions 1-4
Exercise 2 (Page 141)

Video Resource