[COMMERCE 1AA3] - Final Exam Guide - Comprehensive Notes for the exam (23 pages long!)
1 Dec 2016
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Accounting 1aa3 mid-term (hit ctrl and click to use buttons) 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. Managers: need to make internal (cid:271)usi(cid:374)ess de(cid:272)isio(cid:374)s. f "s help the de(cid:272)isio(cid:374) making process. 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. Proprietorship: an unincorporated business with only one o(cid:449)(cid:374)e(cid:396).
