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

Additional Practice and Review

Page 90 Review Questions 1-12

Exercises 1-4 Page 102

Read 105-109

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

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

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:

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

1/2 hour quiz on balance sheets
Test on Friday– Chapters 1 and 2

Work on Exercise 5 Page 49 and share results

Discussion: claims against the assets

Additional practice and review: Questions for Further Thought 1-7 Page 50

Online Lesson for review and practice

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

Assignments:

1. Accounting Career Ads – submit to Google Classroom (Due Friday)
2. Millionaire Case Studies -submit paper copy (Due Monday)
3. Read 21-27 Review questions 1-17 Exercises 2-3 Page 29
4. Exercise 3 Page 29  is to be submitted Feb.14th (Wednesday hard copy)
5. Balance Sheet Quiz on Feb.14th (next Wednesday)
   

1st Unit Test Friday February 16th – 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 Wednesday

 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