ACC 113 Lecture Notes - Lecture 23: Accrual, Trial Balance, Accounting Information System

• School: Tunxis Community College
• Department: Accounting
• Course: ACC 113
• Professor: Lardie

Document Summary

Notes to the financial statements additional textual and numerical information immediately following the financial statements which discloses accounting methods, additional detail and explanation of account balances and provides information not recognised in financial statements. Management"s discussion and analysis discussion and analysis of financial activities of the company by the company"s management such as results of operations, ability to satisfy obligations and expansion plans. Likely refers to maintaining for the long-term rather than environment matters. No requirement but many businesses see providing such information as useful for stakeholders. Information about board of directors, senior management, board activities and remuneration of directors and managers. Identifies, records, summarises and communicates various transactions of a company to produce financial statements. Chart of accounts list of accounts that a company uses to capture its business activities and tells a lot about what a company does. Dual nature of accounting every accounting transaction must affect at least two accounts. Based on the dual nature of accounting.