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Study Guide

ACTG 1P91- Final Exam Guide - Comprehensive Notes for the exam ( 34 pages long!)
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34 Pages
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Department
Accounting
Course Code
ACTG 1P91
Professor
Darlene Bay

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Description
[ACTG 1P91] Comprehensive winter guide including any lecture notes, textbook notes and exam guides.find more resources at oneclass.com 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 oneclass.com
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