ARBUS300 Lecture Notes - Lecture 5: General Ledger, Accrual, Retained Earnings
19 Apr 2016
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Identify and explain: 12 terms pick 5 (5 mins each) Case study (60 mins: what the core problem is/what is the key issue, how would you resolve the problem, why is it the best solution, identify, answer, rationalize. Methodology of handling cases, more than one right answer. Need to know how to read spreadsheets. Numbers are no abstract terms, have value associated. Accounting is a form of reconciliation of the overall health of the organization: have value or cost. Gives meaning to those who need it. Gaaps: to give transparency of the financial situation of an organization as possible, started with 5, now lots, has some gaps so canada now follow ifrs, used in europe, more stringent than gaaps. Professionalization with code of conduct emphasising: relevance must be related to the org, reliability must be accurate, have back up, or reason, comparability users want to be able to compare with other orgs.
