ACC 100 Lecture Notes - Lecture 1: Going Concern, Canadian Dollar, Jargon

• School: Ryerson University
• Department: Accounting
• Course: ACC 100
• Professor: Donna Zathy

Document Summary

Accounting: collecting, organizing and distributing financial information to users. Primary collects and extracts and sells raw resources to producers (i. e. coal mines, fish farms) Secondary consists of companies that use raw materials to make their products and services (i. e. clothing manufacturers, medical researchers) Tertiary sells and provides products and services to consumers (i. e. store retailers) Some companies can be in more than one sector at once (i. e. bmw in secondary and tertiary sectors) Tertiary sector is bigger in canada than most other services. Stakeholders individuals or groups who affect or are affected by companies. Internal stakeholders work for the company (generally management and employers), prepare information for their own use and for others. External stakeholders need useful financial information to make decisions. Faithful unbiased information that does not particularly favour one group of stakeholders over another; honestly and truthfully represents what actually happens in a business. Relevant something that will make a difference in decision-making; must be considered as important.