Category Archives: Unit 1

Account Balances and Terminology

  • 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

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

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

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

The Balance Sheet Work Period

Assignment:

Exercise 3 Page 29 is to be submitted at the end of the period (hard copy)
Balance Sheet Quiz on Wednesday
Read Pages 18-19 and Complete Review Questions 1-6 and exercises 1-6
Read 21-27 Review questions 1-17 Exercises 2-3 Page 29

Assignment Work Period

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)

 

The Fundamental Accounting Equation and the Balance Sheet

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