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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

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)

 

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

Assignment:

  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