Study Guides (258,862)
CA (125,028)
Brock U (1,476)
ACTG (47)
ACTG 1P91 (6)
Study Guide

ACTG 1P91- Final Exam Guide - Comprehensive Notes for the exam ( 34 pages long!)

34 Pages

Course Code
Darlene Bay

This preview shows pages 1-4. Sign up to view the full 34 pages of the document.
Page: of

Loved by over 2.2 million students

Over 90% improved by at least one letter grade.

Leah — University of Toronto

OneClass has been such a huge help in my studies at UofT especially since I am a transfer student. OneClass is the study buddy I never had before and definitely gives me the extra push to get from a B to an A!

Leah — University of Toronto
Saarim — University of Michigan

Balancing social life With academics can be difficult, that is why I'm so glad that OneClass is out there where I can find the top notes for all of my classes. Now I can be the all-star student I want to be.

Saarim — University of Michigan
Jenna — University of Wisconsin

As a college student living on a college budget, I love how easy it is to earn gift cards just by submitting my notes.

Jenna — University of Wisconsin
Anne — University of California

OneClass has allowed me to catch up with my most difficult course! #lifesaver

Anne — University of California
[ACTG 1P91] Comprehensive winter guide including any lecture notes, textbook notes and exam guides.find more resources at ACTG 1P91-Lecture 1 Notes-Business Decisions and Financial Accounting Organizational Forms: • Sole Proprietorship o a business organization owned by one person. Easy to set up. The owner is personally liable for business debts • Partnership o A business organization owned by more than one person. The partners are personally liable for business debts • Corporation o A separate legal entity. Often subject to many regulations. The owners (shareholders) are not personally liable for business debts Accounting for Business Decisions: • A▯▯ou▯ti▯g is a syste▯ of a▯alyzi▯g, ▯e▯o▯di▯g a▯d su▯▯a▯izi▯g the ▯esults of a ▯usi▯ess’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. The Basic Accounting Equation: 1)Assets = Lia▯ilities + Sha▯eholde▯’s E▯uity 2) Revenue - Expenses = Net income • Assets o Resources controlled by the company that have measurable value and are expected to provide future benefits to the company • Liabilities o Amount that is owed by a creditor to the company or an individual • Sha▯eholde▯s’ E▯uity o Contributed capital: money that is owed to a company when shares are issued o Retained earnings: the amount the company ahs earned through business operations • Revenue o The amount earned by selling goods and services • Expenses o The cost of running a business that is required to earn revenue • Dividend o The distributions of a companies to its shareholders to return their investment find more resources at
More Less
Unlock Document
Subscribers Only

Only pages 1-4 are available for preview. Some parts have been intentionally blurred.

Unlock Document
Subscribers Only
You're Reading a Preview

Unlock to view full version

Unlock Document
Subscribers Only

Log In


Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.