COMM 111 Study Guide - Midterm Guide: John Forzani, Fgl Sports, Financial Accounting

• School: Queen's University
• Department: Commerce
• Course: COMM 111
• Professor: George Boland

Document Summary

Financial accounting the language of business: the process of identifying measuring, and communicating economic information". Gaap generally accepted accounting principles used for companies, private corporations, governments etc. Cgaac certified general accountants association of canada. Smac society of management accountants of canada. Ifrs international financial reporting statements, is a principals based system. Acsoc accounting standards oversight committee, oversees and provides insight to the deliberations of the acsb. Psab public sector accounting board, sets standards for public sector. Paes, publicly accountable enterprises corporations that have issued or plan to issue shares or debt in public markets, required to follow ifrs standards. Pes, private enterprises do not need to follow ifrs but do need to follow standards developed by acsb. Aspe accounting standards for private enterprises, standards developed by acsb for pes. Entity assumption (forzani group ltd. is one entity and john forzani is a separate entity; the companies cash, computers, and equipment belong to the company, not to john forzani)