Differences Between US GAAP, Indian GAAP and International Accounting Standards
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Transcript of This Accounting is J O A P E R D Y Categories Mind the GAAP 1-2-3 Accounting What is accounting? Oh...
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J O APE R D Y
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Mind the GAAP
1-2-3 Accounting
What is accounting?
OhCanada!
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FINAL JEOPARDY
Mind the GAAP - $200
Answer
What are Generally Accepted Accounting Principles?
Formal regulations and common practices that accountants follow.
Mind the GAAP - $400
Each expense item must be recorded in the same time period as the revenue it helped
to earn.
AnswerWhat is the Matching Principle?
Mind the GAAP
The accounting for a business should be fair and reasonable.
AnswerWhat is the Principle of Conservatism?
Mind the GAAP - $800
Answer
What is the Business Entity Concept?
The accounting for a business organization must be kept separate from the personal
affairs of its owner.
Mind the GAAP - $1000
A business will continue to operate unless it is known that it will not.
AnswerWhat is the Continuing Concern Concept?
1-2-3 Accounting - $200
A decrease in equity resulting from the owner’s personal withdrawals.
AnswerWhat are drawings?
1-2-3 Accounting - $400
A page specially designed to record changes in each individual item affecting the financial
position.
AnswerWhat is an account?
1-2-3 Accounting - $600
The recurring set of accounting procedures carried out during each fiscal period.
AnswerWhat is the accounting cycle?
1-2-3 Accounting - $800
A business that buys goods and resells them at a higher price for a profit.
AnswerWhat is a Merchandising business?
1-2-3 Accounting - $1000
The journal is known as this type of book because each balance entry is recorded there
first.
AnswerWhat is the book of original entry?
What is accounting?$200
The system of dealing with financial information that provides information for
decision making.
AnswerWhat is Accounting?
What is accounting? $400
A = L + OE
AnswerWhat is the fundamental accounting equation?
What is accounting? $600
Gathering information about the daily goings on of the business.
AnswerWhat is the first activity in accounting?
What is accounting? $800
The examination and testing of the books, records, and procedures of a business.
AnswerWhat is auditing?
What is accounting? $1000
Selling the assets of a company for cash.
AnswerWhat is liquidation?
CANADA - $200
Canada’s most-read news magazine.
Answer
What is Maclean’s?
CANADA - $400
The Canadian stock exchange that lists the most companies.
AnswerWhat is the Toronto Stock Exchange?
CANADA
What vegetable do Canadians eat the most:
Broccoli, carrots, lettuce, or potatoes
AnswerPotatoes
CANADA - $800
Who is Canada’s second largest trading partner: Great Britain, Japan, or Mexico
AnswerJapan
CANADA - $1000
This Canadian company is the world’s largest producer of frozen french fries.
Answer
Who is McCain Foods Ltd.?
Source documents - $200
A financial event that causes a change in financial position.
AnswerWhat is a business transaction?
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Answer
What is the opening entry?
The journal entry that starts the account book off.
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This person does no accounting for provincial retail sales tax.
Answer
Who is the purchaser?
Source documents - $800
A bank document informing the business of a decrease made in the business’s bank
account.
Answer
What is a bank debit advice?
Source documents - $1000
A source document that debits the bank and credits an accounts receivable.
Answer
What is a cash receipt?
FINAL JEOPARDY
Answer
What are pin totals and pencil footings.
Bank
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