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Canada (509,076)
Accounting (108)
ACCTG300 (17)
Lecture

Acctg 300 Chapter 1

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Department
Accounting
Course
ACCTG300
Professor
Heather Proctor
Semester
Winter

Description
Chapter 1 The Purpose and use of the financial statements Things you need to know1 Know who uses the financial information in statements 2 The three different types of organizations in business 3 Classification of business activities into a Operating bFinancing c Investing 4 How many types of financial statements FS4 in number 5 What are the components of the four FSDefinition of Accounting Accounting is the process of capturing economic events of a business and communicating that to the users 1 The Accounting information is used by two types of users in the following wayInternal users a Management Board of Directors They use it to make decisions for the business betterment and survivalExternal users b Investors banks creditors Canada Revenue Agency taxesUse it to assess the short and long term
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