tut test 3 prep.docx

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Department
Financial Accounting
Course
MGAB03H3
Professor
Mark Fitzpatrick
Semester
Winter

Description
Topics to Review: - Expanding the ledger - The income statement - Equity relationships and the balance sheet - Simply accounting: spreadsheets and the expanded ledger - The journal - Source documents - Provincial sales tax - Building spreadsheet models Vocabulary/Key Phrases Transparency: being able to see more of the financial status of a business Near Cash: things being very close to cash in terms of liquidity, e.g. a saving bond CD: certificate of deposit – an investment Progress Payments: relates to the time period concept and possibly the matching principle and occurs when payments for a final sale are received gradually – deals with fiscal periods Double Taxation: businesses are able to receive GST receivable to prevent being double taxed by the government Flat: indicates that a transaction has no real impact Capital Injection: credit OE, debit bank VOID: not valid anymore Audit Trails: some sort of information that can be used by auditors to find out more about a business POS Terminal: the point of sale register that allows for electronic transfers of funds HST: Harmonization tax – mix of GST and PST GST: Goods and services tax PST: Provincial sales tax Communication Topics GAAPs – Page 755 Business Entity Concept: the accounting for a business is separate from the personal accounting of the owner Continuing Concern Concept: assumes a business will continue to operate unless it is known that it will not Principle of Conservatism: accounting in a business must be fair and reasonable Objecti
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