MGT120H5 Lecture 2: Lecture #2 – Financial Statements
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MGT120H5 Full Course Notes
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Accounting the information system that measures business activities, processes data into reports, and communicates results to decision makers. Financial statements the business documents that companies use to report the results of their activities to various groups. People who use accounting information and retained earnings) Statement of changes in inequality (changes in common shares. Statement of cash flow (operating, financing, investing) Financial accounting summarizes business transactions of business entity for a specified period (internal and external users) Management accounting financial and operating data about an organizations activities, processes, operating units (internal uses) Corporations follow canadian business corporation act and include. Material (some information must be disclosed such as. Separate entity assumption business activities are separate. Going-concern assumption the company will continue to. Historical cost assumption the company records assets at the. Stable monetary-unit assumption assumes the value of the operate in the foreseeable future cost they were purchased at currency is stable.