Class Notes (837,708)
Canada (510,399)
Accounting (778)
ACC 414 (25)
Amy Aubin (2)
Lecture

Chapter 1

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Department
Accounting
Course
ACC 414
Professor
Amy Aubin
Semester
Summer

Description
Chapter 1 the Canadian Financial Reporting Environment Accounting J identifies, measures, analyses and communicates financial information about economic entities to various users (decision makers) Managerial Accounting J communicating financial info to internal decision makers Role of Financial Reporting - Provides historical info - Used by both internal & external users o Primary External users: investors & creditors Government, auditors, competitors, customers, suppliers, regulatory agencies Financial Statements - Reports from management to owner, summarize how company perform during period, used to make informed decisions; useful & decision relevant - Objective: provide info about 1. L][Z }L}K] Z} Z o]KZ~ZZZo]]o]]Z 2. Changes in those resources & claims Major Financial Statements 1. Balance sheet 2. Income statement 3. Statement of
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