MGCR 211 Lecture Notes - Current Liability, Deferral, International Financial Reporting Standards
15 Feb 2013
School
Department
Course
Professor
Document Summary
Financial information is a financial statement: balance sheet: statement of financial position, statement of earnings (income statement, statement of retained earnings/ in equity, statement of cash flow, notes to financial statements. Prepared by chartered accountants, works for public accounting firm. Board of directors: don"t go into the company; oversee; make sure that it runs properly; independent. Gaap: generally accepted accounting principles; rules and regulations that (canadian) cas must follow; comes from canadian institute of chartered. 2011 canada follows international financial reporting standards (ifrs); us hasn"t adopted it yet , but over 200 other countries have. Sole proprietorship: similar to a partnership; simplest; proprietor; 1 owner; unlimited liability; owners" capital. Partnership: similar to sole proprietorship; partners; 2 or more; partners" capital. Corporation: complex; shareholder; inc/corp/ltd; 1 or more; shareholders" equity. 125,000 bank loan payable show business plan financial statements creditors loan money. Go bankrupt when can"t pay bills; bank can go after 1 person, partners; unlimited liability.
