BUSI W3013- Final Exam Guide - Comprehensive Notes for the exam ( 39 pages long!)
4 Dec 2017
School
Department
Course
Professor
Document Summary
Introduction: business start with an idea of how to make $ Claim of business deteriorates over time, so must make $ by investing. What is accounting: read financial statements (for investors, for own planning, determine financial position and health. Identify, record, measure and communicate economic events in value terms: provide information for decision making purposes, ultimate goal is to communicate, gaap: generally accepted accounting principles. Less information information only according to gaap. Internal: more information (ex: cost) releasing more hurts competitive edge. U er of firm " fina ncial information (demand side) Irs (internal revenue service) involves different set of statements. If taxable income is different from net income for financial reporting versus tax pu(cid:396)poses : disparity avoiding taxes. Competitors: read ea(cid:272)h othe(cid:396)"s state(cid:373)e(cid:374)ts to u(cid:374)de(cid:396)sta(cid:374)d ho(cid:449) a (cid:272)o(cid:373)petito(cid:396) is su(cid:272)(cid:272)eedi(cid:374)g. T he four st a t emen ts: assumptions, will continue operating. Tells us what the business owns and who has claims over what the business owns: accounting equation.
