- 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
Review Questions 1-10 (Page 110), Exercise 4 (Page 105)
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
What is a business transaction?
What are source documents?
The GAAPs and IFRS
- OBJECTIVITY PRINCIPLE (GAAP)
- IFRS – “Reliability – Neutrality”
1/2 hour quiz on balance sheets
Test on Friday– Chapters 1 and 2
Work on Exercise 5 Page 49 and share results
Discussion: claims against the assets
Additional practice and review: Questions for Further Thought 1-7 Page 50
Online Lesson for review and practice
Bring a pen, ruler and calculator for the Unit Test Friday
What is IFRS (International Financial Reporting Standards)? ASPE (Accounting Standards for Private Enterprises)?
- Discussion: the need for rules and procedures for accounting if we are to trust the information
- Discussion: Ethics and review the GAAP/IFRS/ASPE: Business Entity Concept, Cost Principle & Continuing Concern, Revaluation Model -IFRS
- Additional Review and Practice: Read 33-37 Questions 1-6
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
- Balance Sheet Quiz on Wednesday
- You will have a work period tomorrow to work on a balance sheet to be handed in at the end of the period
- Unit Test on Friday (Chapters 1 and 2)
Sample balance sheet we completed in class:
Download (PDF, 107KB)
Please use the class code: zi0g5n