Outline the fundamental objectives of accounting, including: gathering financial information, preparing and collecting permanent records, rearranging, summarizing, and classifying financial information, preparing information reports and summaries, and establishing controls to promote accuracy and honesty among employees. Start studying grade 11 accounting for depreciation review learn vocabulary, terms, and more with flashcards, games, and other study tools.
Note: this review package does not cover all exam material it is intended to give you a sample of topics from the course every student is expected to study beyond the scope of this package by reviewing all gaaps, accounting cycle, source documents, financial statements, etc covered this year. Jan 11 customer returned $50 worth of merchandise from jan 4 purchase jan 15 the balance in the hst payable account is $450 and the balance in the hst refundable account is $230 remit the tax jan 21 customer paid account in full jan 28 paid your account from purchase made on january 7 20.
Start studying grade 11 accounting- exam review learn vocabulary, terms, and more with flashcards, games, and other study tools. Comprehensive review corrections have been made to the review package - account list has been updated - additional information for adjustments has been included in the updated case, including: depreciation for lego sign - 25 year useful life / no residual value depreciation for smart car - 10 year useful life / $2,500 residual value.
Grade 11 accounting review topics: asset accounting review 1-3 balance sheet review questions 1 asset: items of value owned by a business or person 2 liability: the debts of a business or person 3 owner’s equity: the owners claim against the assets of a business 4 a debtor is a person who owes money to a business.
Grade 11 accounting test review sheet unit: analyzing the expanded accounting equation resources: text, chapters #3, 4, and 5 owner's equity section of the balance sheet (narrated powerpoint) exploring the income statement.
The accounting equation is an essential notion in financial accounting and it is the foundation of double entry accounting every business transaction will have an effect on a company's financial position.
Bat 4m1 note - review grade 11doc j boulton august 30, 2012 grade 11 accounting review review topics 1 the basics 2 the chart of accounts.
For accounting purposes, this decrease is calculated according to a mathematical formula income summary the temporary account to which the total revenues and the total expenses are transferred during the closing process. Baf3u grade 11 accounting exam gaap’s – business entity concept -the accounting for a business should be kept separate from personal affairs of the owner and of other businesses. Baf3m – grade 11 accounting – exam review notes baf3m grade 11 accounting chapters 5 and 6 test a click title to view note baf3u grade 11 accounting exam g click title to view note baf3m grade 11 accounting unit 1 test b click title to view note baf3m grade 11 accounting unit 2 test version 2 v click title to view note. This is a brief quiz to review grade 11 accounting material a financial statement that summarizes the items of revenue and expense, and shows, the net income or net loss of a business for a given period of time.