BUS-A 100 Lecture Notes - Lecture 1: International Financial Reporting Standards, Accountant, Audit
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BUS-A 100 Full Course Notes
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After studying chapter 1, you should be able to. Discuss the different classifications of financial transactions. Define an equity investor and a debt investor and understand the difference. Discuss the role of the securities and exchange commission. Name the big four accounting firms and define the term independent auditor . Discuss gaap and ifrs and the concept of rules-based versus principles-based. Discuss the roles of the board of directors and the audit committee. Discuss how legal liability and corporate ethics work to help strengthen corporate governance. Define the words in bold in this chapter. Accounting is the recording of business transactions, the preparation of reports summarizing these transactions, and the analyzing of financial information. The reports prepared from the accounting system are called financial statements , and they may be made available to individuals both inside and outside the company.
