Textbook Notes (367,974)
Canada (161,538)
Accounting (74)
ACTG 1P91 (12)
Chapter 1

Chapter 1 - Class 1

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Department
Accounting
Course
ACTG 1P91
Professor
Linda Stillabower
Semester
Fall

Description
Class 1ACTG 1P91September 13th 2011 resources available to the entity to generate more resourcesAssetsRetained Earnings earnings generated that the company has keptMajor Problem Banks refuse to loanAccounting an information system designed to provide useful information to users for decisions about allocation of scarce economic resourcesBeginning PointEnding PointBalance SheetBalance SheetStatement of Financial PositionSFPStatement of Cash FlowsStatement of Changes in Financial PositionAccounting is the process of capturing and reporting the results of a businesss operating investing and nancing activitiesGoodwill is only shown on the balance sheet only when a company is certain about theamountFinancial statements are reports that summarize the nancial results of business activitiesFinancial statement users are people who base their decisions in part on information reported in a companys nancial statementsThree main types of business a
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