Accounting Concepts
Which of the following is not an asset? (Accounts Receivable, Inventory, Accounts Payable, Prepaid Expense)
Accounts Payable
A student shows up to office hours with a question way outside the course scope. What do you do?
Explain that it is outside the course scope and redirect the student to an appropriate resource.
How many of us on the TA team specialize in accounting?
12
What is the foundational accounting equation?
Assets = Liability + Equity
OR
DEA = LER
Henry purchased a bottle of wine from BC Liquor, but the order has not yet been fulfilled because stock will not arrive until next Friday. Which accounts should BC Liquor update to record the transaction?
Dr. Cash
Cr. Deferred Revenue
You notice grading inconsistencies among TAs. What’s your first step?
Reach out to the Head TAs
How many returning TAs are there on this year's team?
5
If a TA spends $20 on coffee to survive office hours, what type of account would the coffee purchase generally be?
Expense account
A company paid $12,000 for a 12-month insurance policy starting July 1. At September 30, what is the balance in Prepaid Insurance?
$9,000
If your midterm schedule collides with a tutorial time you signed up to lead, what should you do?
Post a short message in #general to see if anyone could swap tutorial times with you, and message the Head TAs.
How many of us were born outside of BC? (Based on our intros.)
10
A student pays tuition before taking the course. From the university’s perspective, what type of account is this initially?
Deferred Revenue
What is the matching principle?
Expenses must be recorded in the same period as related revenues
A student emails you at 11:59 PM asking for the midterm answer key (the exam is tomorrow). What do you do?
Politely decline to provide the answer key and remind the student that exam materials cannot be shared before the midterm.
How many of us included a food pic in our intro?
4
What does IFRS stands for?
International Financial Reporting Standards