MGTA02H3 Chapter Notes - Chapter 4: Petty Cash, Financial Statement, Deferral
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MGTA02H3 Full Course Notes
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Accounting: a comprehensive system for collecting, analyzing, and communicating financial information, measure business performance (e. g. sales, expenses, profits or losses, taxes) Translate this info so managers (and others) can make decisions. Managerial accounting: tells internal users about performance and problems, for planning, decision making and control purposes, tends to look at individual products, plants or divisions. What is the value of my property. How much stuff have i got: what balance shows. Shows the quantity (value) of your material possessions. Show the business is big or small. Show the business is growing or shrinking. Has business borrowed lots (lots of liabilities, is exciting but risky) Have owners used their own resources (lots of equity, is safe but limiting) When liabilities must be paid: terms, assets. Things that we can be sold or given away. What sort of assets does a business have.
