ADM 1100 Lecture Notes - Lecture 6: Accounts Receivable, Income Statement, Asset

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Accounting: the process of measuring, interpreting, and communicating financial information to support, internal and external business decision-making. Financing: activities provide necessary funds to start a business and expand it after it begins operating. Investing: activities provide valuable assets required to run a business. Operating: activities focus on selling goods and services, but they also consider expenses as important. Generally accepted accounting principles (gaap): principles that outline the conventions, rules, and procedures for deciding on acceptable accounting practices at a particular time. Accounting standards board (acsb): the organization that interprets and modifies. Gaap in canada for private and not-for-profit businesses. Corruption of foreign public official act: a federal law that prohibits canadian citizens and companies from bribing foreign officials to win or continue business. Accounting cycle: set of activities involved in converting information and individual transactions into financial statements. Balance sheet: financial position at specific point in time (owns vs. owes)

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