Category Archives: Unit 1

Unit 1

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 1-7

Exercises 1-3 Page 102

Review Questions 1-10 (Page 110)

Unit 1

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
Unit 1

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

Unit 1

The GAAP’s, IFRS and ASPE

Bring a pen, ruler and calculator for the Unit Test Friday

What is IFRS (International Financial Reporting Standards)? ASPE (Accounting Standards for Private Enterprises)?

  1. Discussion: the need for rules and procedures for accounting if we are to trust the information
  2. Discussion: Ethics and review the GAAP/IFRS/ASPE: Business Entity Concept, Cost Principle & Continuing Concern, Revaluation Model -IFRS
  3. Additional Review and Practice: Read 33-37 Questions 1-6
Unit 1

The Fundamental Accounting Equation and the Balance Sheet

1st Unit Test Thursday February 13th – Chapters 1 and 2

Review of assets and liabilities and calculating net worth
net worth and owner’s equity

A= L + O.E

The Balance Sheet

The balance sheet is the formal presentation of the Fundamental Accounting Equation

What are the key features of the balance sheet?

-Assets (liquidity)

-Liabilities (maturity)

-Owner’s Equity

Complete Exercise 1 Page 28 together

Assignment:

  1. Balance Sheet Quiz on Monday

 Additional Practice and review:

Read Pages 18-19 and Complete Review Questions 1-6 and exercises 1-6

Some additional resources for review:

The Fundamental Accounting Equation

The Balance Sheet

The Accounting Equation Video