MGT 2100 Lecture Notes - Lecture 1: Promissory Note, Accounting, Income Statement
Document Summary
An information system that measures and records business activities, processes data into reports to inform decision makers. Individuals, investors, creditors, taxing authorities, regulatory bodies, non-profit organizations. Sanctioned by federal and provincial governments and the canadian securities. The international accounting standards board (iasb) was set up in 2001 to issue. These are being adopted in canada (and around the world) as generally accepted accounting principles. Entity will continue to exist indefinitely, also called going concern. Expected to be converted to cash, sold or consumed in the next year or within the business"s operating cycle whichever is longer. Debts payable in the next year or within the business"s operating cycle. Debts payable more than one year from balance sheet date. Cash receipts and payments from selling goods and services. Issuing stock, paying dividends, borrowing, and repayment of borrowed funds. Assets = liabilities + owners equity (contributed capital + retained earnings) Revenues increase retained earnings, expenses decrease, and dividends decrease.
