BUSI 1101 Study Guide - Midterm Guide: Deferred Income, Book Value, Current Liability
Document Summary
Managers, employees, and others who plan, organize and run the organization. Similar to proprietorship except owned by more than one person. Separate legal entity owned by shareholders (owners of shares) Private if shares are not available to the general public. Rules and practices for the preparation of financial statements. Private corporations may use ifrs or accounting standards for private. Proprietorships and partnerships generally follow aspe for external reporting. Not required to follow any particular standards for internal use. Obtaining (and repaying) funds to finance the operations of the business. Bank indebtedness, bank loans, noncurrent debt such as mortgages, bonds, leases. Purchases or sale of long-lived assets needed to operate the company. Purchase or sale of investments not held for trading. Purchase of long- lived assets such as property, plant, and equipment and intangible assets. Operating activities are the main day-to-day activities of the business. Revenues, expenses, related accounts such as accounts receivable and accounts payable.
