BUSI 2150U Study Guide - Canada Revenue Agency, Statement Of Changes In Equity, Ibm General Parallel File System
Document Summary
Chapter 2: financial statements: a window on an entity. General purpose financial statements (gpfs) intended for all users. Preperared in accordance with gaap canadian gaap, ifrs, public sector gaap, etc. Materiality is the significance of financial information to stakeholders. Information is material if its omission or misstatement affects the judgement of. Financial statements should be free of material misstatements or errors, and all. Material information should be reported in the financial statements or notes. A summary of an entity"s financial position at a point in time. Also known as statement of financial position . Elements: - assets (a), liablities (l), owners" equity (oe) Assets (a) are economic resources that provide future benefits to an entity. Owners" equity (oe) is the investment the owners have made in the entity. Information about an entity"s financial position can help stakeholders: The accounting equation is the conceptual foundation of accounting. All economic events entered into an accounting system are summarized in terms of the.
