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Study Guide

[COMMERCE 1AA3] - Final Exam Guide - Comprehensive Notes for the exam (23 pages long!)


Department
Commerce
Course Code
COMMERCE 1AA3
Professor
Emad Mohammad
Study Guide
Final

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McMaster
COMMERCE 1AA3
FINAL EXAM
STUDY GUIDE

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MID-TERM NOTE
ACCOUNTING 1AA3 MID-TERM
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CHAPTER 1
The Finacial Statements
CHAPTER 2
CHAPTER 3
CHAPTER 4
CHAPTER 5
CHAPTER 12
Recording Business Transactions
Accrual Accounting and The Financial Statements
Internal Control and Cash
Short-Term Investments and Receivables
The Statement of Cash Flows
RATIOS
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MID-TERM NOTE
Accounting Chapter 1
The Financial Statements
Base objective of an accountant: identify and measure activities of a business entity in order to evaluate
its performance and assess financial health. The information is then relayed on stake holders through
accounting reports (financial statements)
Stake holders: people who are apart of the business entity in some way.
Types of stake holders
External to business (financial accounting)
- Investors and creditors: must know if
investing is an ideal and if it is time to pay
up
- Government & regulatory bodies: uses
data to calculate data and moderate
entity
- Individuals: use it to make economical life
decisions like buying a house
- Non-profit organizations: used to report
funding and recording operations
Financial accounting: accounting relevant to people outside the company who make decisions that do
not affect the company
Management accounting: accounting used for internal business decisions
Types of businesses
Proprietorship: an unincorporated business with only one oe. The etit’s life is liited  the
oe’s hoie o the death of the oe. The oe is held liale fo the usiess. The aoutig
entity is separate from the proprietorship.
Partnership: unincorporated business with two or more owners. The entit’s life is liited  the
oe’s hoie o  death. Pates ae usuall liale uless it’s a liited liailit pateship.
Corporation: a business with many share holders with an indefinite life. The shareholders are note
responsible for the business. Accounting entity is help separate from shareholders
Limited liability partnership: A limited liability partnership is a partnership in which some or all partners
have limited liabilities. It therefore exhibits elements of partnerships and corporations. One partner is
not responsible or liable for another partner's misconduct or negligence.
GAAPS (Generally Accepted Accounting Principles)
- sets the standards on how accountants must record, measure and report financial information.
- Sanctioned by the federal & provincial government and the Canadian securities administrators
- I Caada GAAP’s ae estalished  the Caadia istitute of hateed aoutats CICA
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