MAA103 Study Guide - Final Guide: Indirect Costs, Debt Ratio, Income Statement
Document Summary
A(cid:272)(cid:272)ou(cid:374)ti(cid:374)g(cid:859)s (cid:396)ole: provide financial information required for making decisions with regards to money and business issues. It is a mean of communication and means of measuring business activity. Corporate governance: a system that governs how a business is controlled, managed and administered. A major focus in the occurrence of financial failures and corporate collapses as it protects the interest of the stakeholders. As accounting demands become more complex, so too does the regulatory means of monitoring it. Reporting entity: an entity or business that is expected to produce financial statements so that users can make informed financial decisions. Regulatory accounting: aims to protect the users of accounting information. Assets: resources controlled by the business that have the capacity to provide future services or benefits. Liabilities: liabilities provide businesses with a future detriment. Ow(cid:374)e(cid:396)(cid:859)s e(cid:395)uity: represents the ownership claim of value or wealth that an owner has of a busi(cid:374)ess"s total assets.
