MGIS 317 Lecture Notes - Accounts Payable, Current Liability, Balance Sheet

• School: University of Calgary
• Department: Management Information Systems
• Course: MGIS 317
• Professor: Ronald Schlenker

Document Summary

This information contained on the profit and loss account can be used in a number of ways: It is used to compare the performance of a business over time or with another business. Helps creditors to decide whether to lend money or not. Low-quality profit one off profit that cannot easily be repeated or sustained. High-quality profit profit that cannot be repeated and sustained. The balance sheet - what it shows about a business. Balance sheet an accounting statement that records the values of business "assets, liabilities and shareholders" equity at one point of time. Asset an item of monetary value owned by a company. Liability a financial obligation of a business that it is required to pay in the future. Shareholders" equity total value of assets total value of liabilities. Share capital the total value of capital raised from shareholders by the issues of shares.