Definitions
Knowledge
Understanding
Business Transactions
Calculations
100
An exchange of things of value
What is business transaction?
100
International Financial Reporting Standards
What is IFRSs stands for?
100
Length of time between the preparation of financial reports
What is accounting period?
100
Steve paid $780 cash on some of the accounts payable.
Cash decreases and accounts payable decreases.
100
Assets $49000=________+Owner's Equity $32000
What is Liabilities? $17000
200
Used to assist in the examination of transactions and their effects on the balance sheet.
What is transaction analysis sheet?
200
Canadian Accounting Standards Board
What is AcSB stands for?
200
Requires that the financial data for the business be kept separate from the owner’s personal financial data
What is the business entity principle?
200
William purchased office supplies for $500 on credit.
Assets increase and liabilities increase.
200
Assets $98600=________+Owner's Equity $39400
What is Liabilities? $59200
300
Does not have shared traded on the stock market and not accountable to the public.
What is a private business?
300
They contain principles,rules,and examples to guide accountants, and a complete set comprises over 2200 printed pages.
What is the role of the International Accounting Standards Board?
300
Assets are shown on the balance sheet at the cost of their acquisition or construction.
What is cost principle?
300
May purchased a new $10000 copier from Papier Manufactures.Made a down payment of $3000 cash, the balance of $7000 is to be paid later.
Equipment increases, cash decreases and accounts payable increases.
300
________=Liabilities $56780+Owner's Equity $43560
What is Assets? $13220
400
Listed on stock exchange and is accountable to the public.
What is a public business?
400
International Financial Reporting Standards
What accounting standards must a public company use?
400
Equal debit amount and credit amount be recorded for each transaction.
What is double -entry accounting?
400
The Owner,K.Jay, invested an additional $2000 cash in the business.
Cash increases and Owner's Equity increases.
400
Assets $399960=Liabilities $267880+________
What is Owner's Equity? $132080
500
Uses the current fair market value of the assets for the financial reports.
What is fair value principle?
500
IFRSs or ASPEs
What accounting standards may a private company use?
500
An electronic calculation tool
What is electronic spreadsheet?
500
Received $2000 cash from R.Ali on account.
Cash increase and accounts receivable decreases.
500
Assets $97654=________+Owner's Equity $51278
What is Liabilities? $46376
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