RSM219H1 Lecture Notes - Financial Statement, Income Statement, Ipod

• School: UTSG
• Department: Rotman Commerce
• Course: RSM219H1
• Professor: Alexander Edwards

Document Summary

Accounting is the system of analyzing, sorting, and recording economic data relating to business transactions. It involves preparing statements of the results for individuals or businesses to use in making business decisions. Accounting is a system of dealing with financial information that is used for decision making. It looks at what is owned, what is owed and the difference which is called personal net-worth or owner"s equity if it"s a business entity. Reasons for studying accounting: to get a job with an accounting background it"s easier to get a job at the lower level, personal use you can prepare your own personal budget, financial reports, income tax return. Auditing is the examination and testing of the books, records. Public accountant they do general accounting for a fee and procedures of a business so as to be able to express an informed opinion about its financial statements or affairs.