Chapter 1 - Accounting in Business - GAAP
(Fundamental Accounting Principles, Volume 1, 15th Canadian Edition)
QS1-7 (Identifying accounting principles)
Identify which GAAP most directly describes each of the fol
Human Resources Management
Case Study Analysis- Case Study #1
Why arent they interested?
Group 1 Amar, Tisha, Hardeep, Harman, Yajur, Alejandra, Aman
1) We as a group feel that the reason that students didnt stop by Josephs booth are for the 3
Chapter # 2 Review Questions
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Chapter # 1
Chapter # 2
Chapter # 3
Chapter # 4
Chapter # 1 Review Questions
Exercise 1-5 Accounting principles LO5
Match each of these numbered descriptions with the term it best describes. Indicate your
answer by writing the letter for the correct principle/standard in the blank spac
1.Property, plant and equipment are assets held for sale.
2.Non-current assets are any liabilities that are used in the operations of a business.
3.Non-current assets can be divided into two groups including tangible and
1.A bond is a written promise to pay an amount identified as the par value of the bond along with interest at a
stated annual rate.
2.Interest paid on bonds is not tax-deductible.
3.An advantage of bond financing is that
1.You have just purchased some shares in a Canadian public company. Your friends call you an "investee." You
are surprised that they got it wrong: you are an investor.
2.The term "equity security" refers to the guarantee your brok
1.The purpose of the statement of cash flows is to report the major items comprising cash receipts and cash
payments during a period.
2.The statement of cash flows only measures outflows of cash during a period.
1.A liability is a future payment of assets or services that a company is currently obligated to make as a result
of past transactions or events.
2.A company's obligations not expected to be paid within the longer of one year of t
1.A cash dividend does not reduce a corporation's assets or equity, while a share dividend reduces both.
2.A company can change from one acceptable accounting principle to another as long as the change improves
the usefulness of i
1.A partnership has unlimited life.
2.A partnership is an unincorporated association of two or more people to pursue a business for profit as coowners.
3.Mutual agency means each partner can bind or commit the partnershi
Purpose of Debt and Share Investments (LO1)
Corporations frequently purchase debt and shares of other corporations, called intercorporate
investments. Investments can be classified as strategic or non-strategic. Non-strategic
January 20, 2016
Accumulated depreciation you will have a depreciation
Finance is used to predict future values
Instructor: S. Dhuga
July 31, 2012
Humber Institute of Technology & Advanced Learning
Financial Analysis and Accounting
BACC 300-50 S2012
Revenue (sales-A/R)- cost of goods (cost+ inventory-A/P-accrued)- Operating expenses (operating+ prepaid-wage payable)-income tax expense (tax-T/P)
Investing= received from sale of equipment (depreciation expense-depre)+ paid for new equipm
Critical thinking mini case P1012
Define Problem: plant superintendents bonus being calculated without considering on
appropriate depreciation method in place. In this way, plant superintendent tends to get
higher bonus and at the same time company gets l
Course: BACC 300
Instructor: S Dhuga
Date: 5 June 2014
1. Please complete multiple choices on the Scranton card provided by the
instructor using pencil.
2. Please complete all short answer questions usi
Cost of Goods manufactured Statement
For the year ended September 30, 2014
Direct Materials: ( Section 1)
Materials inventory, Aug 31, 2014
Less purchases returns and allowances
Materials available for use
Less materials inventory
Accounts Titles and Explanation
Accounts Payable (Mobley CO)
Purchased goods for term 1/15, n/30, FOB Factory
Accounts Receivable (Cornerstone CO)
Sold golds for term
Account Titles and Explanations
1 Cash .
Office Equipment .
Drafting Equipment .
Bishr Binbutti, Capital .
Investment by owner.
2 Land .
Problem 1-6A (45 minutes) Parts 1 and 2
Accounts Office Office
Receivable Supplies Equipment Building
Notes Littlechild, Explanation of
Accounting Chapter 1 Notes
Accounting is an information system that identifies, measures, records, and communicates
information that has relevance and is a faithful representation of an organizations economic
Its objective is to help people ma
Accounting Chapter 2 Notes
Assets = Liabilities + Owner's Equity (ACCOUNTING EQUATION)
A record containing all accounts used by a business.
May be computerized or maintained manually.
Each company has its own unique set of accounts.
Accounting Chapter 3 Notes
Adjusting the Accounts
Financial information must be timely and accurate to be useful to decision makers.
Financial statements need to be prepared at regular intervals (periods).
Accounts need to be adjusted (updated) to ensure