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)