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GAAP
GST
CHAPTER 6
CHAPTER 2
CHAPTER 3
100
Generally Accepted Accounting Principles
Whart is the Definition of GAAP
100
Goods And Services Tax
What is the meaning of GST
100
Purchase Invoice Sales Invoice
What is the 2 types of Invoices in Accounting
100
To show the financial position of a person
What is the purpose of a Balance Sheet
100
States that accounting will be recorded on the basis of objective evidence
What is the Objectivity Principle
200
The Principle of Conservatism
What is the first GAAP principle
200
7% Tax
What is the rate of the GST
200
A business paper that lists the money coming in from customers
What is a Cash receipts daily summary
200
A person or business who owes you money on account
What is a Debtor
200
A financial event that changes the financial position of a business
What is a Business transaction
300
Assumes that a Business will continue to operate, unless it is known that it will not
What is the Continuing Concern Concept
300
When Sales of a business are over $30,000
What is the minimum amount of sales a company must have to pay GST
300
Informs a business of a decrease in the cash account while the other informs a business of an increase in cash.
What is the difference between Bank Credit and Debit advice
300
The Sale of the assets of a business for cash
What is Liquidation
300
Cash Sales Slip Purchase Invoice Cheque copy
What is 3 types of source documents
400
States that Revenue be recorded in the accounts (recognized) at the time the transaction is completed.
What is the Revenue Recognition Convention
400
A business can gain a Refund on GST
What is the result of a business having higher GST Recoverable than GST payable
400
Goods and Services purchased should be recorded at their historical cost and not their current market value
What is the Cost Principle
400
A=L+OE
What is the Fundamental Accounting Equation
400
Net Worth
What is another term for Equity
500
Without these principles accounting would be very hard to do
What is The importance of GAAP
500
The total cost of a $100 item with Gst Included
What is $107
500
Represents Purchases and Sales of goods and services on account
What is the importance of invoices
500
-Fundamental Accounting Equation -Three Line Heading -Who -What -When
What is the 2 Important features of a Balance sheet
500
The Equation Analysis sheet
What is The form used in chapter 3 for analyzing transactions