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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Welcome to Grade 11 Introduction to Financial Accounting with Mr.Scorcia / Semester Two / Spring 2019

Please complete the following: Introductions This is the place for resources, course policy, assignments, activities and a summary of all we do and learn together in class. It is your responsibility to check the class blog daily, share with your parents, and use the tools for learning provided here for you. Be sure to subscribe to get e-mail updates whenever […]

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