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Formatting
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GAAP
100
When total happens to also be the final total.
When is a double ruled line drawn beneath a total?
100
They belong to the owner and creditors
When a business is closed down, to whom do the assets belong to?
100
The business entity concept.
What GAAP principle states that person assets cannot be put in the business balance sheet?
200
If the abbreviation is part of the company's name.
When can abbreviations be used?
200
Net Worth
What is another term that has the same meaning as equity?
200
The principle of conservatism.
What GAAP principle says that accounting for a business fair and reasonable?
300
It should be placed with the first amount in every column and beneath each single line in each column.
Where should the dollar sign be used in a balance sheet?
300
1. list all assets 2. list all liabilities 3. calculate the difference between total assets and liabilities
Give three steps to work out a company's financial position
300
Generally Accepted Accounting Principle
What does GAAP stand for?
400
In order of when they will be paid.
In what order are liabilities listed?
400
The ongoing concern concept
What is another name for the continuing concern concept?
500
Canadian Institute of chartered Accountants
What organization establishes the GAAP principles?