Business Administration 2257 Lecture Notes - Webct, Accounts Payable, Going Concern

• School: Western University
• Department: Business Administration
• Course: Business Administration 2257
• Professor: Baldwin Wallace

Document Summary

Quiz 2 covers chapter 3 due october 3rd. Drop at front of room before lecture. Include name, student # and seminar section (thursday @ 4) Quantitative information (measured using a single unit) about an entity that is communicated. Textbook definition: the process of identifying, measuring and communication economic information to various users. Overall objective provide information for decision making. External [current and potential owners current owners want to make sure their company will continue to be successful and potential want to make sure the company will be around for years], Operating activities [decisions made by manager type] add new product line or service, build a new plant, start new business, cancel service, close divisions. Investing activities investing, donate, sell shares or bonds, extend credit, loan. While the focus of accounting is on counting and measurement, there are certain qualitative characteristics that are important: Relevance something may not be relevant to one decision, but it is to another.