Balance Sheet Equation -Refer to the Balance Sheet Equation

question 9

Short Answer

Balance Sheet Equation
$\begin{array}{ccc}\text { Cash }+\text { Non-Cash }=\text { Liabilities } & +\text { Contributed } & +\text { Accumulated Other }+&\text { Retained } \\\text { Assets } & \text { Capital } & \text { Comprehensive }&\text { Earnings } \\& & \text { Income }\end{array}$

-Refer to the Balance Sheet Equation.To recognize the cost of goods sold ORP Corporation will reduce retained earnings and reduce ______________________________.

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Definitions:

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) that serve as a global framework for financial reporting.

ASPE

Accounting Standards for Private Enterprises, which provide simplified accounting guidelines for private companies in Canada.

Goodwill Impairment

A decrease in the value of goodwill on a company’s balance sheet, indicating that the value of a company’s acquired assets has fallen below the original valuation.

Revalued Assets

Assets that have been appraised again to reflect their current market value, rather than their original cost.