Category Archives: Unit 1

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

Unit 1

The Role of Accounting

  • Review TIMETABLES make sure you are in the correct class
  • Accountants as Scorekeepers
  • Discussion: the different types of accounting and the different designations
  • Previous Accounting designations: CA’s, CGA’s and CMA’s
  • In 2013 CMA and CA members voted for a new unified designation:  CPA (Chartered professional Accountant) cpacanada.ca
  • On October 1, 2014 CPA Canada signed an agreement to merge with Certified General Accountants of Canada (CGA-Canada), completing integration of the country’s national accounting bodies

Career Ads Activity Due Friday February 7th:

Download (PDF, 8.72MB)

Download (PDF, 17KB)