MGCR 211 Lecture Notes - Financial Statement, Cost Accounting, Canada Revenue Agency

• School: McGill University
• Department: Management Core
• Course: MGCR 211
• Professor: Erica Pimentel

Document Summary

Accounting- an information system in which the underling economics conditions of the organizations/ individuals are recorded, summarized, reported, and understood. Financial statements- managements" report to the companies" owners that summarize how the company performed during a particular period. Final set of documents produced at the end of an accounting period. Included in a larger annual report= main method management uses to report results of co"s activities at end of the year. Present financial information to users- telling them whether they are financially sounds, meeting their goals, likely to remain viable, etc. Owners make initial investment in either cash or property. Large corps where these stocks are traded in public stock exchange. Shares held by small #individuals= not traded in public stock shareholders more involved in company. Shareholders (elect) board f directors (hire) senior exec. s managers (managers) Shareholders/ potential investors change in worth of shares; work of current directs/ board members.