Source Documents and Equation Analysis

Updating the Analysis Sheet and Balance Sheet

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
  • Read Pages 59-69
  • Exercises 1-2-3 Page 70-71

Last Week in Review:

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