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Lecture 1

Management and Organizational Studies 1023A/B Lecture 1: Lecture 1.pdf


Department
Management and Organizational Studies
Course Code
MOS 1023A/B
Professor
Maria Wallis
Lecture
1

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Accounting:
Languageofbusiness
Measuresbusinessactivities
Processdata
Communicatesresults
Accounting:
Translateseconomiceventsofanorganizationtoauser
Internal/externalusers
InternalUsers:
Managers
Makedecisionsbasedondata,getpricing,marketing,etc.
ExternalUsers:
Investors
Creditors
EthicalBehaviour:
Accountantsresponsiblelegally
Codesofethics
Rulesofconducts
BusinessOrganizations:
Proprietorship:
Ownedby1
Simple
Ownerhascontrol
Unlimitedliability
Partnership:
Ownedbymorethan1
Formalizedbyagreement
Eachpartnerhasunlimitedliability
Corporation:
Separatelegalentityownedbyshareholders
Indefinitelife
Ownersenjoylimitedliability
Public/private
Typesofbusinesses:
Merchandising:
Service
Businessactivities:
Financing
Investing
Operating

Financing:
Obtainingfundstofinanceoperations
Borrowing/repaying,selling/buyingshares
Investing:
Obtainingassetsforoperations
Purchaseofequipment,etc.
Operating:
Daytodayactivitiesofbusiness
Manufacturing,etc.
FinancialStatements:
Incomestatement
Statementofowner'sequity
Statementoffinancialposition
Statementofcashflows
BusinessDocuments

IncomeStatement:
Revenues:Moneygainedfromsales
Expenses:Costsofproducingorselling
NetEarningsorloss:Revenuesexpenses
Reportsresultsofoperationsforaperiodoftime
StatementofChangesinequity:
Sharecapital:Amountcontributedbyshareholders
Retainedearnings:Cumulativeprofitretainedinthecompany.Lesspaiddividends
Showschangesineachcomponentofshareholder'sequityfortheperiod.
BalanceSheet:
Assets:Resourcesownedbyabusiness
Liabilities:Debtsofthebusiness
Shareholder'sEquity:Sharecapitalandretainedearnings
Accountingequation:Assets=Liabilities+OwnersEquity

Statementofcashflows:
Cashreceiptsandpaymentsforaspecificperiodoftime
Operating
Investing
Financing
Changesincashcategorized
Changeincashfrombeginningtoendbalances
Accountingbalance:
Assets:Economicresourcesofbusinessthatgeneraterevenue
Liabilities:Externalclaimstocompanyassets
Shareholder'sequity:Ownerorshareholderclaimtoassets
Retainedearnings:
RevenuesExpensesDividends
AnnualReport:
Forpubliccompanies
Financial&NonFinancialInfoonthecompany
Financial:
Managementdiscussionandanalysis
Auditorsreport
FinancialStatements
NonFinancial:
Company'smissionandgoals
Products
People
GAAP:Generallyacceptedaccountingprinciples
Rulesforfinancialstatements
Public:IFRS:InternationalFinancialReportingStandards
Private:ASPE:AccountingStandardsforPrivateEnterprise
DifferentforPublicandPrivate
Norulesforproprietorshipsandpartnerships(Noexternalinfluences)
IFRSvsASPE
PublichastouseIFRS.Privatecanchoose.
IFRS:Statementoffinancialposition.Profit.
ASPE:Balancesheet.NetIncome.
IFRS:Allcomponentsforchangeinequity.
ASPE:Onecomponentforchangeinequity.
Lecture1
Wednesday,February4,2015 11:05PM
Lecture 1 Pa
g
e 1
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