BU127 Lecture Notes - Income Statement, Financial Statement, International Financial Reporting Standards
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BU127 Full Course Notes
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Aspe (accounting standards for private enterprises) financial statement - balance sheet, statement of comprehensive income, cash flow statement, returned earnings statement. Ifrs (international financial reporting standards) financial statement - publicly traded companies must use. Balance sheet - assets, liabilities, owner"s equity current assets/long term assets, current liabilities/long term liabilities. Income statement - revenues minus expenses = net income. Cash flow statement - operating activities, financing activities, investment activities - net change in cash for the period. Sell products to customers 4. collect cash from customers and pay creditors (look over customer"s financial statements and credit record) Union & company is interested in financial statements - negotiations for pay/benefit increases. Business owners (called investors, shareholders or stakeholders) look for 2 sources of possible gain: collect dividends, make more money than they paid for shares. Accounting systems - an organized format used by companies to accumulate the dollar effects of transaction referred to as the accounting records.