GAAP’s Are a set of rules or standards followed by accountants Some are formal and some are simply “accepted practice”. The Canadian Institute of Chartered.

Slides:

Advertisements

Similar presentations

Advertisements

Chapter 7: Introduction to accounts (continue…). Accounting standards are based on concepts and conventions. neutralityprudence Accounting standards placed.

The development of IFRS and its application, controversy and prospects in the EU and the UK Beijing 22 January 2008.

ACCOUNTING THEORY UNDERLYING FINANCIAL ACCOUNTING

Accounting: The Universal Language of Business

Chapter 2 Balance Sheet September 16 class Note: Unit 1 Test (covering chapter 1, 2 and 3) will be Tuesday September 23.

Prepared by: Gabriela H. Schneider, CMA; Grant MacEwan College INTERMEDIATE ACCOUNTING INTERMEDIATE ACCOUNTING Sixth Canadian Edition KIESO, WEYGANDT,

Unit 1 The Rules.

Required Reading: P  The Balance Sheet was the first formal financial statement that we have examined.  The balance sheet is known as a “statement.

Accounting as a Form of Communication

Accounting Principles and Reporting Standards

The Measurement Fundamentals of Financial Accounting Presentations for Chapter 3 by Glenn Owen.

Unit Branches of Accounting There are three branches of Accounting. i) Financial accounting; ii) Cost accounting; iii) Management accounting. Question.1.

Accounting. What is Accounting? The system used by an organization to keep a record of all of the money that comes in and goes out of the business The.

RECAPE LECTURE 8. A REVIEW OF FINANCIAL ACCOUNTING A FIELDS OF ACCOUNTING?

Principles of Accounting Chapter 1 The Balance Sheet.

This Accounting is J O A P E R D Y Categories Mind the GAAP Accounting What is accounting? Oh Canada! Source Documents

The Accounting Profession. Designation Organization Job Emphasis Chartered Accountant Canadian Institute Public Accounting (CA) of Chartered Accountants.

FINANCIAL FINANCIAL ACCOUNTING ACCOUNTING A U s e r P e r s p e c t i v e A U s e r P e r s p e c t i v e Third Canadian Edition Third Canadian Edition.

Chapter 2 The Balance Sheet! Quiz on Friday Sep 12 Let’s go over Ex 3 (P29)

AICPA American Institute of Certified Public Accountants SEC Securities & Exchange Commission FASB Financial Accounting Standards Board.

© 2006 Pearson Education Canada Inc.Chapter Chapter 13 Analyzing and Using Financial Information.

PowerPoint® Slides to accompany Basic Bookkeeping, Seventh Edition Prepared by JD Chazan CPA, CA National Taiwan University 1-1 Copyright © 2015 by Nelson.

GENERALLY ACCEPTED ACCOUNTING PRINCIPLES GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP) ARE THE RULES BY WHICH FINANCIAL STATEMENTS ARE PREPARED. THE.

Claims Against the Assets. Balance Sheets show us what the company owns, and what it owes. But who has the rights to the assets? Remember, assets are.

Accounting Economics and Management School Lanzhou University of Technology Zhang Qiao-Liang CPA, FPNA,Professor.

BAT4m Unit 1: Review of Grade 11 Accounting Do you remember anything?!

Got it: Vocabulary Three Principles of Accounting Who uses financial accounting verses management accounting reports. What assumptions provide the foundation.

Accounting Concepts Underlying Assumptions, Principles, and Conventions Financial accounting relies on several underlying concepts that have a significant.

GAAP PowerPoint #3. Understandability Decision Usefulness Relevance Predictive Value Feedback Value Timeliness Reliability Verifiability Neutrality Representational.

GENERALLYACCEPTED ACCOUNTING PRINCIPLES GAAP. 1. ENTITY CONCEPT An accounting entity is an organisation that stands apart from other organisations or.

Copyright  2006 Pearson Education Canada Inc. 2-1.

Chapter 1 The Role of Accounting © Cambridge University Press 2012.

1 McGraw-Hill Ryerson College Accounting First Canadian Edition Price Haddock Brock Hahn Reed.

As a Small Business Owner, you must be aware of the Rules of the Accounting  GAAP  FASB  SEC and IRS  AICPA u The rules u The rule makers u The rule.

What Is Accounting? BAF3M – Mr. Meechem. Case Study Read the case study handout Discuss with you table Answer: –What action should Amanda take to ensure.

Learning Objectives Understand the Business –LO1 Describe various organizational forms and types of business decision makers. Study the accounting methods.

(GAAPs).  Accountants follow a set of rules or standards known as generally accepted accounting principles (GAAPs)  GAAPs include a number of specific.

FINANCIAL ACCOUNTING A USER PERSPECTIVE Hoskin Fizzell Davidson Second Canadian Edition.

FINANCIAL FINANCIAL ACCOUNTING ACCOUNTING A U s e r P e r s p e c t i v e A U s e r P e r s p e c t i v e Third Canadian Edition Third Canadian Edition.

GAAP RESEARCH. To Start Class….. Test Take-Up!! THE AWARDING OF THE BELT!

US GAAP Generally Accepted Accounting Principles, US GAAP or simply GAAP are terms for the generally accepted accounting principles and rules used in the.

Accounting Concepts 1. Accounting or Business Entity  Business is separate and distinct from its owners Example – your personal bank account vs. that.

Chapter 1 – Starting a Proprietorship n Objectives: –Define accounting terms related to starting a service business organized as a proprietorship –Classify.

Accounting 30S Chapter 3 Review Questions. A financial event that causes a change in financial position.

Accounting 30S Chapter 2 Review Questions. How is a person’s financial position calculated?

CHAPTER 1 Accounting 801. Chapter 1 – Accounting as a Career What is Accounting? Planning, keeping, analyzing, and interpreting financial records.

Accounting Principles. GAAP (Generally Accepted Accounting Principles): The rules that govern accounting are called GAAP (Generally Accepted Accounting.

THE BALANCE SHEET Business Transactions Unit 2. Business Transactions  Definition:  A business transaction is an exchange of things of value Something.

BAF 3M1 THE BALANCE SHEET Chapter 2, Section 2.1.

1.01 Generally Accepted Accounting Principles – Accounting Constraints, Concepts, Assumptions, and Principles GAAP PowerPoint #3.

Chapter 2: The Balance Sheet.

Accounting Conceptual Framework

The Financial Statements

FINANCIAL ACCOUNTING LECTURE NOTES BY MR. S. NDHLOVU TOPIC 3

Basic Accounting Concepts

Accounting Concepts, principles & policies

CHAPTER 1-3 ACCOUNTING IN ACTION.

Accounting Concepts An overview Nov. 11, 2012.

Accounting Standards.

BASIC ACCOUNTING CONCEPTS

Chapter 1 Accounting in Action

Chapter 1 The Role Of Accounting.

Chapter 2: The Balance Sheet 1.

Chapter 2. The Balance Sheet

$ $ $ $ Section 2 Accounting: The Universal Language of Business

Generally Accepted Accounting Principles

Introduction to Accounting

Sec. 2.4 – Accounting Standards

Presentation transcript:

GAAP’s Are a set of rules or standards followed by accountants Some are formal and some are simply “accepted practice”. The Canadian Institute of Chartered Accountants (CICA) establishes GAAP’s in Canada Published in CICA Handbook

GAAP’s There is a formal list of GAAP’s beginning on page 755 of your textbook. We will learn three right now. We will be adding to these as the course progresses.

Business Entity Concept The Business Entity Concept provides that the accounting for a business must be kept separate from the personal affairs of the owner, or from any other business or organization

Continuing Concern Concept The Continuing Concern Concept assumes that a business will continue to operate unless it is known that it will not. Also known as “Going Concern” This means that the dollar values of a business assume that the assets will not be liquidated immediately. (Assets valued at their true cost)

Principle of Conservatism The Principle of Conservatism provides that accounting for a business should be fair and reasonable. “Best Guesses” should not be overstated or underestimated.