ADMS 1010 Lecture Notes - Lecture 6: Personal Finance, Corporate Finance, Federal Reserve System
19 Dec 2017
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Document Summary
Accounting the measurement, processing, and communication of financial information of economic entities. Financial reporting of company info follows gaap (generally accepted accounting principles) As of 2014, there is a single professional body for all accountants in canada with a single designation: chartered professional accountant (cpa) 4 big accounting firms: deloitte, pwc, ey, kpmg. Statement of financial position at a given point in time. Reports: assets, liabilities, owners" equity: income statement: Reports: revenues, expenses, and profits over a given period: cash flow statement: Reports: operating, investing, and financing cash flow activities. Accounting fields: financial - summary, analysis and reporting of financial transactions. Looking back (historical) and usually for external use: managerial use of accounting info to make better management decisions. Looking forward (predictive) and for internal use: auditing independent accounting of companies" accounts, tax accounting for tax purposes. Finance the allocation of assets and liabilities over time under conditions of certainty and uncertainty. Global financial system: international financial institutions:
