Business Administration 2257 Lecture Notes - Lecture 1: International Financial Reporting Standards, Income Statement

• School: Western University
• Department: Business Administration
• Course: Business Administration 2257
• Professor: Ian Dunn

Document Summary

Use accouning informaion to plan, organize and run companies. Use accouning informaion to make decisions on whether to sell, hold or buy their ownership interest. Relaively small amount of money required to set up. Broad policies and pracices as well as rules and procedures that have substanive authoritaive support and agreement about how to report economic events. Internaional financial reporing standards (ifrs) used by publically traded corporaions. Financing (liabiliies) include borrowing cash from lenders by issuing debt or conversely, using cash to repay debt. Cash can also be raised from shareholders by issuing shares, or paid to shareholders by repurchasing or shares or distribuing dividends. Invesing (assets) include purchasing and disposing of long-lived assets such as property, plant, and equipment and purchasing and selling long-term investments. Operaing (revenue and expenses) result from day to day operaions and include revenues and expenses and related accounts such as receivables, supplies, inventory and payables.