ACC 110 Lecture Notes - Lecture 13: Canada Business Corporations Act, International Financial Reporting Standards, Legal Personality
Document Summary
Indeed many people consider accounting more an art than a science: accounting isn"t precise or exact. Many estimates have to be made and uncertainty surrounds most accounting numbers: accounting doesn"t provide the right answer. Information: results from organizing and presenting the data in ways that way it useful for decision making by stakeholders: financial accounting: provides information to people who are external to an entity. External users include investors, lenders, taxation authorities (such as canada revenue. Usually such users don"t have direct access to information about the entity and must rely on the entity to provide it: managerial accounting: addresses the information needs and decisions of the managers of an entity. Parameters: the different types of entities include: individual, proprietorship, corporation, Partnership, not-for-profit, government, industry, other: the different types of constraints include: contracts, accounting rules, moral. Considerations, ethical considerations, law, income tax act, demands of powerful. Stakeholders, securities legislation, other: the different types of stakeholders include: shareholders, partners, proprietors,
