Category Archives: Unit 1


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


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


  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


  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

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)
  • 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 Feb. 9th:

Download (PDF, 8.72MB)

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