Account Balances and Terminology

Please read pages 105-109 and make notes on:

  • Calculating the balance of an account
  • What is an Exceptional account balance?
  • What is the Bank Account?
  • Buying and selling on credit

Complete the following Additional Practice and Review

Page 90 Review Questions 1-12

Exercises 1-4 Page 102

Review Questions 1-10 (Page 110), Exercise 4 (Page 105)

Ledger Accounts and Debit and Credit Theory

Ledger Accounts and Debit and Credit Theory

  • What is an account?
  • How do we set one up?
  • Debit and Credit rules
  • Discussion: the Double Entry System of Accounting

Additional Practice and Review:

  • Prepare your Accounting ID Card (Rules of Debit and Credit Page 93 on the back)
  • Read 88-90 and  92-101 Review Questions 1-7 Exercises 1-4

Source Documents and Equation Analysis

Additional Practice: Challenge Exercise 7 Page 81

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 1-2

    The Week in Review:

    A very good video summarizing many of the topics we have covered in the first two weeks