ADM 1100 Lecture Notes - Lecture 4: Current Liability, Financial Statement, Cash Flow

26 views4 pages

Document Summary

Objectives of session: understanding financial statements, understanding the three ways. Financial statements are usually how people understand companies. Accounting: the process of measuring, interpreting and communicating financial information to support internal and external business decision- making. The foundation of the accounting system: generally accepted accounting principles. (gaap, accounting standards board (acsb, corruption of foreign public officials act. Ifrs (this is international, and a country that has implemented it is the. Accounting cycle: the set of activities involved in converting information and individual transactions into financial statements. Note that making bribery illegal can reduce its prevalence! The united states and canada takes bribery very serious. Assets: anything with future value (or benefits) owned or controlled by the firm. Intangible assets- intangible assets that are expected to last one year or more (patents, copyrights, trademarks etc. ) Liabilities: current liability - liabilities you must pay within the next year, long term liability debt, mortgages (these are the stuff you own, change in equity-

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

Related Questions