COMM 111 Lecture Notes - Lecture 3: International Financial Reporting Standards, Cash Flow Statement, Retained Earnings
Document Summary
Revenue-expenses = net income: could also be called a (cid:498)statement of )ncome(cid:499) (cid:498)statement of )ncome & Statement of changes in equity: sometimes you only see a statement of changes in retained earnings. In general for this course: equity = retained earning + share capital: for aspe you just need retained earnings. Statement of cash flows: what is the formula for calculating closing retained earnings: Always remember: accountants in canada (and most developed countries) must follow specific, a transaction is documented in a journal entry. The journal entry is posted to an account. The accounts are added up (individually) and used to create the trial balance. The trial balance is used to create the financial statements. Ifrs (international financial reporting standards) for public companies: aspe (accounting standards for private enterprises) for private companies. Review accounting terms: transaction journal entry (cid:523)t(cid:524) account trial balance financial.
