Source Documents

  • Examine each source document in your readings (pages 184-192) and copy the journal entries associated with it
  • Record new GAAP – the cost principle-what is the corresponding IFRS rule?

Additional Class Work:

  • Read 184-192
  • Review Questions 1-21
  •  Exercises 1-5 (pages 192-196)

Equity Transactions and Accounting Principles

Comprehensive Exercise 7 page 167 – Due Monday

Key Questions to Focus on:

How do Revenue, Expenses and Drawing effect the Owner’s Equity?

Which Accounting Principles are critical to these new accounts?

Additional Practice and Review:

Review Questions 1-9 Page 149

Exercises 1-3 Page 150-152

The Income Statement

The Income Statement

  1. Read 132-140 Questions 1-21 (Page 140)
  2. Exercise 2-3 Page 141-142
  3. Read 144-149 Exercise 1 Page 150

 

  • What is it?  Why is it  important ?
Who needs it and why?
  • What is a Fiscal Period and why is it important to stakeholders?
  •  GAAP – Time Period Concept, Matching Principle- which IFRS relates to this?
  • Additions to your Debit/Credit chart (page 132)

Video Resources: