ACCTG300 Lecture Notes - Lecture 1: Canada Revenue Agency, Legal Personality, Sole Proprietorship

69 views4 pages

Document Summary

Chapter 1: the purpose and use of financial statements. Who uses accounting information? accounting identi es and records the economic events of an organization and communicates this information to interested users two broad categories of users: 1: external - investors, creditors, cra, customers, etc. internal - managers, employees, etc. want to know how to use funds collected some of the information internal get is more detailed - but not everyone, need authorization to receive. Sole proprietorship: owned by one person include on personal income tax return, no legal return. Partnership: owned by more than one person but not incorporated. Investing: obtaining the resources or assets needed to operate the business for the long term usually long-term assets - investments or property, plant, and equipment got the money and spent it on something for the business. Operating: the main day-to-say activities of the business usually current assets and current liabilities - cash, ar, ap, etc.

Get access

Grade+20% off
$8 USD/m$10 USD/m
Billed $96 USD annually
Grade+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
40 Verified Answers
Class+
$8 USD/m
Billed $96 USD annually
Class+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
30 Verified Answers

Related Documents