COMM 217 Chapter Notes - Chapter 1-3: Statement Of Changes In Equity, International Accounting Standards Board, International Financial Reporting Standards
1 Oct 2017
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Chapter 1 | financial statements and business decisions: the statement of financial position. Reports the financial position (amount of assets, liabilities and shareholder"s equity) of an accounting entity at a particular point in time. State of financial position (january 6 2016) (in millions of canadian dollars) Economic resources (cash, inventory, buildings) ($ owed to suppliers, banks, etc. ) (contributed capital, retained earnings) Financing from shareholder"s: the statement of comprehensive income. Reports the change in shareholder"s equity during an accounting period from business activities, excluding exchanges with shareholders. For the year ended january 2 2016 (in millions of canadian dollars, except per share amounts) (revenue earned from sake of products) Revenues amounts expected to be received for goods or services that have been delivered to a customer, whether or not the customer has paid for the goods or services (goods purchased on credit are called account receivables)
