1. ACCOUNTING CONCEPTS

3. Establish standards for canadian accountants
Establish standards for canadian accountants. It is updated regularly to reflect current accounting opinions and decisions.

4. Contains formal regulations and common practice over the years

5. Professional Accounting Organizations
Accounting Standards Board(AcSB)
International Accounting Standards Board(IASB)
International Financial Reporting Standards(IFRS)
The board makes its decisions by talking with like minded boards like- IASB,
In 2006, GAAP was replaced with IFRS- helps canadian business to communicate globally.
Accounting Standard for Private Enterprises(ASPE)

10. Lasts longer than one year
Converted into cash within one year
Lasts longer than one year

11. Accounts payable
Current
Due within a year
Accrued liability
Liabilities
Notes payable
Bank loan
Long term
Bonds payable
Mortgage payable
Take more than a year to pay off
Long term notes payable
Long term debt