ACTG 2010 Lecture Notes - Financial Statement, Cash Flow Statement, Accounts Payable

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Compilation of accounting information by an entity. Most common are in form of an annual report by a public corporation for shareholders. These statements are usually referred to as general purpose (may not be suitable for all the varied needs of various users) financial statements. The f/s of canadian public companies must comply with ifrs. The f/s of public companies are prepared by management and are audited by an independent accounting firm which expresses an opinion on said f/s as to whether or not the f/s are materially misstated with respect to ifrs. This provides a form of safeguard to limit the self-interested behaviour of managers however considerable flexibility within ifrs still exists as we will see. Can be prepared weekly, monthly, quarterly or yearly. There are 5 components to a financial statement package under. Aspe: the balance sheet, the income statement, the statement of retained earnings or deficit, the cash flow statement, notes to the financial statements.

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