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BU127 Lecture 1 on Financial Statements

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Wilfrid Laurier University
David Scallen

BU127-SECTIONA6-ACCOUNTING David Scallen Office - P2072 Ext - 2880 [email protected] Office hours - Monday/Wednesdays 11-1 -------------------------------------------------------------------------------------------------------------------- - DAY 1 - MONDAY SEPT 9 Accounting- language of business Deals with business transactions (sales, cost of sales, expenses), recording business transactions, analysis of financial statement results to support business decisions 1. collect data of business transaction 2. analysis of business transactions - determine sales, cost of sales, expenses 3. recording business transactions 4. summary of the business transactions into financial statements 5. analysis of financial statement results to support business decisions - did assets, expenses, liabilities increase/decrease? balance sheets ASPE (Accounting Standards for Private Enterprises) Financial Statement - balance sheet, statement of comprehensive income, cash flow statement, returned earnings statement IFRS (International Financial Reporting Standards) Financial Statement - publicly traded companies must use Balance sheet - assets, liabilities, owner’s equity current assets/long term assets, current liabilities/long term liabilities Income Statement - Revenues minus Expenses = Net Income Cash Flow Statement - operating activities, financing activities, investment activities - net change in cash for the period Understanding the Business The Players - Investors, Creditors, Managers The Business Operations - 1. Purchase materials and labour 2. Manufacture product 3. Sell products to customers 4. collect cash from customers and pay creditors (look over customer’s financial statements and credit record) Union & Company is interested in financial statements - negotiations for pay/benefit increases Business owners (called investors, shareholders or stakeholders) look for 2 sources of possible gain 1. collect dividends 2. make more money than they paid for shares Accounting System (2 branche
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