BUSI 2150U Lecture : Financial Accounting BUSI-2150U Lecture 1

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magentatortoise45

11 Jan 2012

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Lecture 1 y a system that produces information about an entity and communicating that information to others. What is accounting? y financial accounting and managerial accounting. Financial accounting y aimed at external users y used for investment decisions y follows conventional practices y offers some consistency to users y aimed at internal users y. Internal decision making y rules are set by a company y corporations y proprietorships y partnerships y not for profit organizations y. Individuals y separate legal entity y public or private y owned by shareholders y y ease of transfer of ownership. Partnerships y not designed to make profits y provide services to the community. Constraints on entities y accounting rules (ifrs) y demands of powerful users y y securities legislation y moral/ethical considerations. In ontario, must be public accountant y work for management y not independent.

Related Questions

The primary interface between the firm and its suppliers is:

1. distribution
2. production
3. accounting
4. engineering
5. purchasing

byzantiumcrow549

Partnerships refer to more than one owner. A limited partnership ______________.
a) consists of general partners and limited partners, at least one of each
b) is a shadow firm for a much larger corporation. It is like a shell company to dispose of risky assets
c) is taxed similar to a corporation, whereas a general partnership is taxed like a sole proprietorship
d) is limited by the number of partners allowed. There can only be a total of 10 partners actively involved in the business