Account Balances and Terminology

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 Page 90 Review Questions 1-12 Exercises 1-4 Page 103 Calculating the Balance of an Account What is an Exceptional account balance? What is […]

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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 […]

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Work Period

Read pages 58-59 Copy new GAAP into your notes Complete Review Questions 1-7 Exercises 1-4 Read 61-69 Review Questions 1-10 Page 69   If you are done, attempt: Challenge Exercise 7 Page 81-82   The Week in Review: A very good video summarizing many of the topics we have covered in the first two weeks

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The GAAP’s, IFRS and ASPE

Bring a pen, ruler and calculator for the Unit Test on Friday Feb 15th 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 […]

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