Management and Organizational Studies 1023A/B- Final Exam Guide - Comprehensive Notes for the exam ( 36 pages long!)

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 1023A/B
• Professor: Christina Maco

Document Summary

Process of including an item on entity(cid:495)s balance sheet or income. Elements of financial statements have historically been recognized statement when: derecognition, they meet the definition of an element (e. g. asset, they are probable, and, they are reliably measurable- able to measure the element. Process of (cid:494)removing(cid:495) something from the balance sheet or income. Important factor in determining entities to be consolidated and included in the economic entity: some concepts of control include: Under ifrs: having power over investee, exposure, or rights, to variable returns from involvement with. If the customer is good for it (not if they steal it) assets are exchanged for cash (or claims to cash: record accounts receivavle (claims to cash) Matching principle: expenses are matched with revenues that they produce. Illustrates a (cid:498)cause and effect relationship(cid:499) between money spent to: this asset(cid:495)s cost is then systematically and rationally matched to earn revenues and the revenues themselves.