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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The Fundamental Accounting Equation and the Balance Sheet

1st Unit Test Friday February 15th – 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 […]

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Who Wants to be a Millionaire?

Who Wants to be a Millionaire: Read it here: The Millionaire Next Door Key Questions to focus on (you should be able to answer these when you are done): What is an asset and liability? What is net worth? equity? Activity: Due Friday Feb. 8th (please print a hard copy for submission) Wealth Calculator (age x income)/10 Actual net worth […]

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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) cpacanada.ca On October 1, 2014 CPA Canada signed an agreement to merge with Certified […]

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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 […]

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