Class Notes (1,100,000)
CA (630,000)
UTSC (30,000)
MGA (200)
MGAB01H3 (100)
Lecture 1

MGAB01H3 Lecture Notes - Lecture 1: Share Capital, Retained Earnings, Balance Sheet


Department
Financial Accounting
Course Code
MGAB01H3
Professor
Liang Chen
Lecture
1

This preview shows half of the first page. to view the full 3 pages of the document.
15/12/9 Orange
Introductory Financial Accounting
Who uses the financial information?
Internal users
Managers- financial accounting/ Managerial accounting/ Tax
External users
Investors (shareholders)/ Suppliers/ Creditors/ Customers/ Government/ Competitors
Assets: Economic resources owned by company
*Users need to be reported for cases. Identify who need to know the information.
Types of Accounting in Business Operations?
1. Financial Accounting
Tasks: Users and their needs:
-Prepare/ Analyze F.S External users: make economic
-Audit (checking) decisions (e.g Investing)
-Regulatory
-Consulting
-Planning
-Financial accounting
2. Managerial Accounting
Tasks: Users and their needs:
-Cost accounting Internal users: (e.g planning
-Budget control/ performance evaluation)
1
You're Reading a Preview

Unlock to view full version