ACCT 2220 Study Guide - Final Guide: Shoppers Drug Mart, Risk Assessment, Market Price
28 Jan 2015
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O accounting identifies and records the economic events of an organization and communicates to interested users: there are two broad categories of users: Managers, employees, and others who plan, organize, and run the. Ethical behaviour: for accounting information to have value, preparers must have ethical standards, accountant, other professionals, and most companies have rules or codes of conduct to guide ethical behaviour. Public interest: companies have rules of conduct. Forms of business organizations: proprietorship and partnership: proprietorship. Similar to proprietorship except owned by more than one person. Indefinite life: separate legal entity owned by shareholders (owners of shares) o, owners enjoy limited liability, may be public or private: Three types of business activities: all companies are involved in all three activities: Financing activities: obtaining (and repaying) funds to finance the operations of the business: Bank indebtedness, bank loans, noncurrent debt such as mortgages: forms of debt: bonds, leases. Examples: purchase or sale of long-lived assets needed to operate the company.
