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


  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

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 February 7th:

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About the Course

Financial Accounting Fundamentals, (BAF3M) Grade 11, University/College Preparation

This course introduces students to the fundamental principles and procedures of accounting. Students will develop financial analysis and decision-making skills that will assist them in future studies and/or career opportunities in business. Students will acquire an understanding of accounting for a service and a merchandising business, computerized accounting, financial analysis, and ethics and current issues in accounting.

Please complete the following: Introductions

Welcome to Grade 11 Introduction to Financial Accounting with Mr.Scorcia

Please complete the following: Introductions

This is the place for resources, course policy, assignments, activities and a summary of all we do and learn together in class. It is your responsibility to check the class blog daily, share with your parents, and use the tools for learning provided here for you.

  • Be sure to subscribe to get e-mail updates whenever there is a change to the blog
  • Make sure you check the blog if you are away in order to keep up
  • All assignments and handouts are available on the blog – we will do our best to save trees – this means you will decide what to printout or save to your computer/phone/tablet

I look forward to learning with you,

Mr. Scorcia

Please complete the following:Introductions

Please watch this: