Management and Organizational Studies 1023A/B Study Guide - Final Guide: International Financial Reporting Standards, Accounting Equation, Standard Accounting Practice

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 1023A/B
• Professor: Maria Ferraro

Document Summary

Global economic systems depend on reliable and accurate financial reporting. Managers plan, organize, and run a business to make various decisions : Pricing, strategic, marketing, employee compensation, capital budgeting, resource allocation, etc. Others tax authorities, regulatory agencies, customers, labour unions, economic planners, communities. For accounting to have value, the information must be legal, responsible, and consider the organization"s interests. There are accounting rules and codes of conduct, as well as companies rules of conduct. Similar to above, but owned by more than one person. May be public or private: depends on whether shares are publicly traded. Obtaining and repaying funds to finance the operations of the business (borrowing money, repaying loans, selling or repurchasing shares) Obtaining the resources or assets needed to operate the business for the long term(purchasing investments, long lived assets, property plant and equipment, intangible assets) Regular day to day activities (revenues, expenses, related accounts) Publicly traded companies must prepare an annual report each year.