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ACC 110 Break out 1 & 2

2 Pages

Course Code
ACC 110
Bradley Mc Master

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Break Out 1 Accounting: A system for collecting, analyzing & summarizing information about an entity and reporting/ communicating it to people ho want/ need it for making decisions. Data: is raw, unprocessed facts about an entity's economic activity that is entered into an accounting system. Information: results from organizing and presenting the data in ways that make it useful for decision making by stakeholders. Why does Accounting matter? Either the presence or absence of accounting info can impact the decisions users make. The content and form of the info can differ depending on the particular accounting methods chosen. Types of Entities: Individual/ proprietorship, partnership, corporation (course focus), income trust, not-for-profit organization, government. Break Out 2 Financial Statements: Balance Sheet, Income Statement and Statement of Comprehensive, Statement of Changes in Equity (IFRS) or Statement of Retained Earnings (ASPE), Statement of Cash Flows and Notes to the Financial Statements. Financial Statements are general purpose and do not meet user's specific needs. The Balance Sheet presents a summary of an entity's financial position at a point in time, which is made up of Assets, Liabilities and Shareholders. Assets provide future benefit that entity will receive. Are owned or controlled by the entity. Are a result of past transaction. Are measurable(can assign a value). Current Assets are used up within one year(operating cycle). Non-current assets have benefits extend beyond one year. Liabilities result from past transaction of economic event. Requires a future sacrifice to settle(owed in cash, or goods and services. Current liabilities are paid or satisfied within one year.
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