Balance Sheet

Question 1

Contra Accounts

Answer 1

Subtracted from B/S accts

Question 2

Adjunct Accounts

Answer 2

Added to B/S accts

Question 3

GAAP vs IFRS

Answer 3

GAAP - order of most liquid

IFRS - order of importance

Question 4

IFRS requires the following statements

Answer 4

1) Statement of Fin Position
2) Statement of Comp Income
3) Statement of Chg in Equity
4) Statement of Cash Flows
5) Footnotes