NUTR 343 Lecture Notes - Lecture 1: Chartered Accountant, Financial Accounting, Management Accounting

• School: McGill University
• Department: Nutrition and Dietetics
• Course: NUTR 343
• Professor: Steven Landry

Document Summary

Journal entries, record how much money u make and lose. Money represents your portion of the world"s resources. Balance sheets: record of your assets and losses. Accounting is the information system that measures business financial activities, processes that information into reports, and communicates the results to decision makers. Personal financial planning, education expenses, loans, car payments, income taxes, and investments. The accounting system: people make decisions business transactions occur businesses prepare reports to show the results of their operations people make decisions. Decision makers: individuals, businesses, investors, creditors (lenders), government regulatory agencies, tax authorities, non-profit organizations, employees, labor unions. Financial accounting provides information to people outside the company. Management accounting generates information for internal decision makers, Structured in three main ways: proprietorship: a proprietorship has a single owner, called the proprietor, who often manages the business. The accounting records of the proprietorship do not include the proprietor"s personal accounting records.