Management and Organizational Studies 1023A/B Lecture Notes - Lecture 1: International Financial Reporting Standards, Canadian Imperial Bank Of Commerce, Capital Budgeting

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 1023A/B
• Professor: Christina Maco

Document Summary

Exam #1 friday, february 3rd 6:00pm-7:30pm. Exam #2 tuesday, february 28th 10:45am. Lecture 1: the purpose and use of financial statements. Global economic systems depend on reliable and accurate financial reporting. Identifies and records the economic events of an organization and communicates it to interested users. Internal users: plan, organize and run a business, various decisions: pricing, strategic, marketing, employee compensation, capital budgeting, resource allocation. External users i. e. customers, shareholders, government, creditors, lenders (rbc, cibc, td) For accounting info to have value, preparers must have high ethical standards: actions are legal and responsible, consider organization"s interests. Accountants and other professionals have rules or codes of conducts to guide ethical behaviour. Partnership: similar to proprietorship except owned by more than one person, formalized in a written agreement, each partner has unlimited liability. Merchandising business i. e. ford dealership, old navy. Service business i. e. accountant, lawyer, cleaner, uber, hair dresser, etc.