BUS 251 Lecture Notes - Lecture 2: Retained Earnings, Profit Margin, Gross Margin

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 251
• Professor: Anne Mac Donald

Document Summary

Management discussion and analysis (md&a: general discussion of results, non-technical language, pictures, graphs, future plans. Financial statements (f/s: statement of financial position (b/s, statement of income (i/s, statement of cash flows (cfs, notes to the f/s. Accounting is done on a continual basis throughout the year, to allow the preparation of f/s: May be quarterly (every 3 months), but must be at least. The heading on each f/s contains important informatio. Entity concept the information is for a specific business, whose performance can be separately evaluated. Periodic reporting clarifies the time period covered (usually 1 year). This is often rounded to thousands or millions. For the years ended december 31, 2014 and 2013 (stated in thousands of canadian dollars, except per share amounts) Last week we discussed the concepts of timeliness and. They are part of a conceptual framework which includes other qualitative characteristics" that can enhance the usefulness of financial information Timely (available when needed to make a decision)