ACCT 217 Study Guide - Final Guide: Inventory Turnover, The Royal And Ancient Golf Club Of St Andrews, Main Source
20 Dec 2016
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Chapter 1: the purpose and use of financial statements. Identify and report economic events for internal and external users. Proprietorship (simple set up, 1 owner, u(cid:374)li(cid:373)ited lia(cid:271)ilit(cid:455), o(cid:449)(cid:374)er"s control) vs partnership (written, 2+ owners, unlimited liability) Financing activities: obtain/repay funds to finance business operations debt/equity. Investing activities: purchase/sale of nc-a needed for company operations investments/ppe. A (owned/controlled by co. ), l (obligations), se (share capital + re). 3 relations b/w statements: profit (is sfp), total se (sce sfp), cash eb (sfp scf) Chapter 2: a further look at financial statements. C-a: used/converted to cash w/in shorter of 1 year/operating cycle (time to go cash cash in revenue production) Nc-a: not used/converted to cash w/in 1 year or 1 operating cycle. Dep. /amm. using ifrs, only amm. when using aspe. Intangibles = nc-a, represent a right or privilege, generate future value for company, amortized if life = definite. Comparisons: intracompany (2+ years of same company), intercompany (2+ competitors), industry average.
