ACCT 1220- Final Exam Guide - Comprehensive Notes for the exam ( 31 pages long!)

• School: University of Guelph
• Department: Accounting
• Course: ACCT 1220
• Professor: Philippe Lassou

Document Summary

Accounting identifies and records the economic events of an organization and communicates to interested users. Company officers, managers and directors in finance, marketing, human resources and production. Similar to proprietorship except owned by more than one person. Separate legal entity owned by shareholders (owners of shares) May be public (shares are publicly traded) or private (not available to the general public) Rules and practices for the preparation of financial statements. Different for publicly-traded (they use international financial reporting standards - ifrs) and private corporations (they use either ifrs or accounting standards for private. Proprietorships and partnerships generally follow aspe for external reporting but 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, long-term debt such as mortgages, bonds finance leases. Purchase or sale of long-lived assets needed to operate the company.