Gr.11 Accounting
This states that an accounting standard can be ignored if the net impact of doing so has such a small impact on the financial statements that a user of the statements would not be misled.
Principal of Materiality
This type of Inventory always maintains continuous records of the Inventory?
Perpetual
Names of the Co-Prime Ministers of the school this year?
Sofia Kluz and Clare McDade
What’s another name for a carved pumpkin?
Jack-O-Latern
LIFO Stands for
Last In First Out
This rule states that business must be kept separate from personal
Business Entity Principle
On the Multi Step Income Statement, the difference between Sales and COGS is called?
Gross Profit
The year St.Anne's opened its doors to students?
1995
Halloween 2027 will be on what day of the week?
Sunday
LCM Stands for
Lower of Cost and Market
The two types of Depreciation are? State the difference between the two
Straight Line
Declining Balance
What type of Business would use a Periodic Inventory System?
Low cost-high volume- Bulk Barn
The year Mr.Dietrich was born in?
1984
What was voted as the worst Halloween candy?
Candy Corn
Purchases
A/P
The 4 steps to the Closing Entries
Close Revenue to Income Summary
Close Expenses to Income Summary
Close Inc. Summary to Capital
Close Draw to Capital
What is the basic formula to calculate COGS?
Beg Inv+ Purchases-END INV
The number of schools in HPCDSB
18
What is the number one city for trick or treating in the United States?
San Francisco
P/E ratio stands for?
Price to Earnings
What GAAP do we follow for why we update our supplies at year end in the adjusting entries.
Materiality Principle
Under a Perpetual system, give both journal entries when you sell something on account.
Debit- A/R
Credit-Sales
Debit-COGS
Credit-Inventory
St. Anne's used to have a grade 13(OAC). What year did the province of Ontario phase out Grade 13?
2003
What does the word ‘Hallow’ in relation to this holiday mean?
Saint
Explain to me in your own words what "net" Purchases is.
Purchases after you take away and discounts and returns.