RSM219H1 Study Guide - Final Guide: Chartered Professional Accountant, Sole Proprietorship, International Financial Reporting Standards

• School: UTSG
• Department: Rotman Commerce
• Course: RSM219H1
• Professor: Dragan Stojanovic

Document Summary

Five main accounting activities are: gather financial information, preparing and collecting permanent records, rearranging, summarizing and classifying, preparing reports, establish controls to promote accuracy and honesty amongst workers. Professional accountant: an accountant that has either a ca, cga or cma. Auditor: someone who checks the work done by the accountants. Three types of business ownership are: sole proprietorship: one owner, unlimited liability, partnership: two or more owners, need legally binding contract, unlimited liability, corporation: legal entity, owned by shareholders, limited liability. Three types of accounting work are: routine: happen almost every day, periodic: happen once a week/month/year, miscellaneous: unpredicted activates. Accountant: uses data from bookkeeper to make prediction and write reports (more important matters) Abbreviations: cica: canadian institute of chartered accountants, established the standards for. In the handbook the most significant handbook are the gaap principles: ifrs: international financial reporting standards, set by the international accounting.