ADM 1340 Lecture Notes - Lecture 1: Deferred Income, Write-Off, Conceptual Framework

• School: University of Ottawa
• Department: Administration
• Course: ADM 1340
• Professor: Heri Rakotovololona

Document Summary

Accounting identifies and records the economic events of an organization and communicates to interested users; which consists of two categories. lenders, creditors, customers, employees, labour unions, taxing authorities and regulators. Internal users: managers, employees, and others who plan, organize, and run the company. External users: people who don"t work for the company like investors, For accounting information to have value, preparers must have high ethical standards: Accountants, other professionals, and most companies have rules or codes of conduct to guide ethical behavior (rules of conduct). Proprietorship: a type of organization that is owned by one person who has control over their business, simple to set up and unlimited liability. Partnership: an organization that is owned by more then one person which is formalized in a written agreement and each partner has unlimited liability. Corporations: an organization that separates legal entity owned by shareholders, which can be public or private.