BU127 Lecture Notes - Lecture 1: Promissory Note, Cash Flow, International Financial Reporting Standards
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BU127 Full Course Notes
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Week 1: name of the entity - the nestle group, title of the statement statement of financial position, specific date of the statement at december 31, 2009, unit of measure (in millions of swiss francs) Accounting is a system that collects and processes (analyzes, measures, and records) financial information about an organization and reports that information to decision makers. These statements are provide to inform investors, creditors, and other external decision makers. To report the financial position of an accounting entity at a particular point in time. The statement of financial position first lists the company"s assets. Assets are then followed by liabilities and shareholders" equity. Financing provided by the owner creates owner"s equity. Accounting entity the organization for which financial date are to be collected. Assets may be listed in either increasing r decreasing order of their convertibility to cash. Most financial statements include the monetary unit sign.
