COMM-1106EL Chapter Notes - Chapter 1: Promissory Note, International Financial Reporting Standards, Accounts Payable
6 Dec 2016
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Document Summary
Financial accounting: is the process by which information on the transactions of an organization is captured, analyzed, and used to report to decision makers outside of the organization"s management team. Financial statement users include the owners (investors) and those who have lent money to the organization (creditors) Management (users within the organization), also use the information, but at a different level of detail (ex. a particular store instead of whole organization. All financial information, including that of which is not shared with the public, is accessible by management of that organization. Financial statements: management"s reports to the company"s owners that are produced at the end of each accounting period. These are included in the annual report, along with a management discussion and analysis (md&a) The annual report is made available the purpose of making economic decisions. A company is owned by its shareholders (1 or more depending on whether or not it is a private or public company)
