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Unit1TestCh1-3ReviewSheet

The BAF3M Unit #1 Test covers Chapters 1-3 and consists of multiple choice, short answer, and a comprehensive question. Key topics include the purpose of accounting, differences between accounting roles, GAAP, business ownership forms, the accounting cycle, and fundamental accounting principles. Students should review concepts such as the balance sheet, business entity concept, and transaction analysis.

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tara.ebrahimi
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2 views

Unit1TestCh1-3ReviewSheet

The BAF3M Unit #1 Test covers Chapters 1-3 and consists of multiple choice, short answer, and a comprehensive question. Key topics include the purpose of accounting, differences between accounting roles, GAAP, business ownership forms, the accounting cycle, and fundamental accounting principles. Students should review concepts such as the balance sheet, business entity concept, and transaction analysis.

Uploaded by

tara.ebrahimi
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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BAF3M Unit #1 Test: Chapters #1–3 Review Sheet

Test Format:
Part 1: Knowledge - Multiple Choice Questions (12 marks)
Part 2: Thinking - Short Answer Questions (20 marks)
Part 3: Communication - Short Answer Questions (10 marks)
Part 4 : Application - Comprehensive Question (28 marks)

Topics to review for test:

• The purpose of Accounting


• The difference between Accounting, Bookkeeping and Auditing
• The uses and the users of Accounting
• GAAP (ASPE/IFRS)
• The different forms of business ownership
• The Accounting cycle
• Accountants and computer technology
• The Fundamental Accounting Equation (the balance sheet equation)
• Assets, Liabilities and Owner’s Equity
• The Balance Sheet – Preparing a Balance Sheet – The Classified Balance Sheet
• Business Entity Concept
• The Cost Principle
• The Continuing Concern Concept
• The Objectivity Principle
• Source documents
• Business transactions
• Transaction Analysis Sheet
• The effects that transactions have on the balance sheet equation

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