ADMS 1500 Study Guide - Midterm Guide: Deferred Income, Sole Proprietorship, Accrual

• School: York University
• Department: Administrative Studies
• Course: ADMS 1500
• Professor: unknown

Document Summary

Investors or creditors have allowed the company to use its resources and in return the company should report on what they did with those resources and how well the investment has performed. Investor = holder of company"s shares and creditor = holder of company"s debt like Debenture formal written notice of a long term debt, specifying terms such as interest and repayment. When things go wrong attention directing: define the objectives, make plans that would if achieved accomplish the objectives, carry out business operation of plan, measure the results, compares results with the plans and objectives. 7. if objectives achieved = move on to the next if the objective is not achieved = instigate a corrective action and then move on to the next. 3rd role of accounting is decision making specify problem as precisely, choose appropriate decision technique, gather info. , use info. and technique to make decision, implement decision, evaluate outcome.