Chapters 1 & 2 - Study Guide
Chapter One:
1. What is accounting? Who are some of the users of
accounting?
2. What were the three accounting designations in
Canada? What is the new designation?
3. Name and explain the three main types of business
using examples.
4. What are the three main forms of business ownership?
5. How is the work of a bookkeeper/accounting clerk
different from that of the accountant?
Chapter Two:
1. Describe the terms assets, liabilities, and owner’s
equity.
2. What are the three forms of the Fundamental
Accounting Equation?
3. What is a Balance Sheet?
4. Who has claims against the assets of a business?
Who has first claim?
5. What is GAAP? Name and explain the three GAAP
learned so far.
Review Questions: pp. 38-40 Q#1-6
Notre Dame C.S.S.
Business Studies
BAF3M1