101) In accounting, the word "net" means after a subtraction. 102) It would be unusual for the balance sheet of a proprietorship to include the term "retained earnings." 103) Generally accepted...

101) In accounting, the word "net" means after a subtraction.

102) It would be unusual for the balance sheet of a proprietorship to include the term "retained earnings."

103) Generally accepted accounting principles, or GAAP, are the rules and procedures established by the Canadian Institute of Chartered Accountants, or CICA.

104) All corporations have to follow the same sections of the CICA Handbook.

105) The reliability principle states that assets and services should be recorded at their actual cost, since cost is a reliable measure to use in financial accounting.

106) Accounting is often referred to as "the language of business." Why is accounting described this way? How is accounting different from bookkeeping?