BSM 100 Chapter Notes - Chapter 7: International Financial Reporting Standards, Canada Revenue Agency, Financial Statement

• School: Ryerson University
• Department: Business Essentials
• Course: BSM 100
• Professor: Ranjita Singh

Document Summary

Accounting: a system for recognizing, organizing, summarizing, analyzing and reporting information about the financial transactions that affect an organization. Goal of the system is to provide users with information that can help them make good economic decisions. Managers: need info on sales in various regions for product lines; financially up to date. Shareholders: as owners, they have an interest in its financial performance. Employees: strong financial performance would mean more raises and bonuses. Creditors: bankers and lenders want to know the worthiness of the company before granting loan. Suppliers: like creditors want to know the company can pay for orders. Government agencies: accounting info is critical for meeting the reporting requirements of the canadian revenue agency. The accounting profession: more than just recording transactions. Accountants do more than bookkeeping, they go beyond just recording transactions to analyze and interpret the recorded information and to communicate findings to end users.