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Accounting PrinciplesJanuary 16th.docx

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Langara College
Financial Management
FMGT 1116

Accounting Principles January 16 , 2013 Non-Business Organizations  includes not- profit and government organizations  no specific or identified owner for non-business organizations  are accountable to taxpayers, lenders, etc Generally Accepted Accounting Principles  financial accounting  governed the Generally Accepted Accounting Principles  the Canadian Institute of Chartered Accountants  responsible for the development and issuance of generally accepted accounting principles  the accounting principles  support the basic objective of financial reporting and financial communicating information  that is useful to investors, creditors, basically whoever is in charge of making the decisions in the company  International Financial Reporting Standards (IFRS) and Canadian GAAP  are for Private Enterprises Assumptions within the Business the assumption that a business will continue to operate ( future-wise) The Cost Principle  information in the financial report is based on the actual cash amount received or the actual cash amount that has been paid  which is also known as the historical cost or the value exchanged - value exchanged : usually the market value of the item at the time of purchase Accounting Equation  composed of two parts:
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