ECO 1102 Lecture Notes - Lecture 1: International Financial Reporting Standards, International Accounting Standards Board, Retained Earnings

• School: University of Ottawa
• Department: Economics
• Course: ECO 1102
• Professor: Octavian Strimbu

Document Summary

Adm1340, chapter 1: the purpose and use of. Describe the primary forms of business organization. Explain the three main types of business activity. Describe the content and purpose of each of the financial statements. Accounting is the information system that: identifies and records the economic events of an organization, and communicates them to a wide variety of interested users. Users and uses of accounting: ceo, marketing (e. g. funding for campaign), finance (e. g. investments), human resource (e. g. whether we can hire employees or not) manager. Forms of business organization (p. p. c: proprietorship: a business owned by one person, partnership: a business owned by two or more people, corporation: a separate legal entity owned by shareholders. Public: list and trade their shares on public stock exchanges (example: bombardier, Private: do not list or trade their shares on public stock exchange (exp. Corporation: manufacturing: publicly-traded corporations use international financial reporting standards, private corporations may use ifrs or accounting standards for private (ifrs)