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Management and Organizational Studies 1023A/B Lecture Notes - Retained Earnings

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fuchsiasea-lion533

23 Jan 2012

School

Western University

Department

Management and Organizational Studies

Course

Management and Organizational Studies 1023A/B

Professor

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MOS 1023A/B Full Course Notes

MOS 1023A/B Full Course Notes

Document Summary

Statements are standardized -> same format regardless of organization. Not everything in a business is recorded (because they"re not economic transactions) Impact of pricing strategies on bottom line & company image. Secondary users (everyone other than investors and creditors) In canada, income statement has to follow standards by accounting board, which doesn"t follow same rule as cra (two sets of income statements are required, one that shows slightly higher in expenses for. Cra, and slighter high in income for shareholders) Customers want security/warranty on large-ticket items them buy. Labour unions will use financials to bargain for employee wage rights. Communities want to know if large local industry is going to close. Proprietorship is common for small start-ups or independent contractors. Even though they may create financial statements for their economic entity, they are not legally separate (unlimited personal liability) Profits are reported to cra as personal income.

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Related Questions

Which of the following factors help determine a manager's span of control?

A)the number of global competitors

B)the level of standardization of the work to be done

C)method of accounting for production

D)form of business ownership

Two key management functions that need particular attention when starting a business are:

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B. planning and financing.

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Which of the following statements about cultural differences in the workplace is most accurate?

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