ACTG 1P91 Study Guide - Midterm Guide: International Accounting Standards Board, Matching Principle, Debits And Credits

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ACTG 1P91 Full Course Notes
ACTG 1P91 Full Course Notes
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Organizational forms: sole proprietorship, a business organization owned by one person. The owner is personally liable for business debts: partnership, a business organization owned by more than one person. The partners are personally liable for business debts: corporation, a separate legal entity. The owners (shareholders) are not personally liable for business debts. Accounting for business decisions: accounting is a system of analyzing, recording and summarizing the results of a business"s activities and then reporting the results to decision makers. In canada there is a new accounting designation, cpa, which stands for chartered. Professional accountant: currently in the most provinces and territories, all three accounting bodies (ca, cma and cga) have merged or are working towards merging to the cpa designation, managerial accounting reports: are used inside the company. They include detailed financial plans and reports about the operating performance of the plan organization. Operating: activities that are directly linked to the business.