ACTG 1P91 Lecture Notes - Lecture 1: International Financial Reporting Standards, Income Statement, Net Income

• School: Brock University
• Department: Accounting
• Course: ACTG 1P91
• Professor: Darlene Bay

Document Summary

Actg 1p91-lecture 1 notes-business decisions and financial accounting. Organizational forms: sole proprietorship, a business organization owned by one person. The owner is personally liable for business debts: partnership, a business organization owned by more than one person. The partners are personally liable for business debts: corporation, a separate legal entity. The owners (shareholders) are not personally liable for business debts. Accounting for business decisions: accounting is a system of analyzing, recording and summarizing the results of a business"s activities and then reporting the results to decision makers. In canada there is a new accounting designation, cpa, which stands for chartered professional. Accountant: currently in the most provinces and territories, all three accounting bodies (ca, cma and cga) have merged or are working towards merging to the cpa designation, managerial accounting reports: are used inside the company. They include detailed financial plans and reports about the operating performance of the plan organization.