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Textbook Notes for Emad Mohammad

MCMASTERCOMMERCE 1AA3Emad MohammadFall

COMMERCE 1AA3 Chapter Notes - Chapter 9: Contingent Liability, Harmonized Sales Tax, Accrual

OC127324512 Page
28 Nov 2016
12
Learning objective one: explain and account for current liabilities. Current liabilities are obligations due within one year, or within the company"s n
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MCMASTERCOMMERCE 1AA3Emad MohammadFall

COMMERCE 1AA3 Chapter Notes - Chapter 10: Canada Business Corporations Act, Chief Executive Officer, Bmo Nesbitt Burns

OC127324510 Page
30 Nov 2016
16
Learning objective one: explain the main features of a corporation. A corporation is a business entity formed under federal or provincial law. The fede
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MCMASTERCOMMERCE 1AA3Emad MohammadFall

COMMERCE 1AA3 Chapter Notes - Chapter 7: Ddb Worldwide, Book Value, Income Statement

OC127324511 Page
28 Nov 2016
9
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MCMASTERCOMMERCE 1AA3Emad MohammadFall

COMMERCE 1AA3 Chapter Notes - Chapter 10: Retained Earnings, Share Capital, Common Stock

OC18720134 Page
9 Jul 2017
0
Advantages: corporate management, professional management, separate legal existence, limited liability of shareholders, deferred or reduced taxes, tran
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MCMASTERCOMMERCE 1AA3Emad MohammadFall

COMMERCE 1AA3 Chapter Notes - Chapter 6: Barcode, Inventory Turnover, Write-Off

OC127324510 Page
3 Nov 2016
25
Cost of goods sold is a business"s largest expense. Merchandise inventory is the heart of a merchandising business, and the cost of goods sold is the m
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MCMASTERCOMMERCE 1AA3Emad MohammadFall

COMMERCE 1AA3 Chapter Notes - Chapter 11: Income Statement, Comprehensive Income, Earnings Before Interest And Taxes

OC12732459 Page
5 Dec 2016
3
Statement of comprehensive income, and the statement of shareholders" Operating income: we calculate a company"s operating income by deducting its oper
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MCMASTERCOMMERCE 1AA3Emad MohammadFall

COMMERCE 1AA3 Chapter Notes - Chapter 6: Net Income, Gross Profit, Combined Gas And Steam

OC123072311 Page
8 Dec 2016
11
This is recorded so that we understand the decrease in inventory. Gross profit: total revenue before expenses negative gross profit = rip. Sales discou
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MCMASTERCOMMERCE 1AA3Emad MohammadFall

COMMERCE 1AA3 Chapter Notes - Chapter 9: Harmonized Sales Tax, Contingent Liability, Promissory Note

OC18720134 Page
9 Jul 2017
0
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MCMASTERCOMMERCE 1AA3Emad MohammadFall

COMMERCE 2AA3 Chapter 1: Chapter Notes.docx

OC1579077 Page
9 Feb 2015
46
Income statement (also known as statement of: statement of retained earnings: (sometimes in the, balance sheet (also known as the statement of financia
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MCMASTERCOMMERCE 1AA3Emad MohammadFall

COMMERCE 1AA3 Chapter Notes - Chapter 3: Income Statement, Accrual, Deferral

OC5858014 Page
25 Sep 2015
37
We record only business transactions involving the receipt or payment of cash. Revenues are reported on the income statement in the period in which the
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MCMASTERCOMMERCE 1AA3Emad MohammadFall

COMMERCE 1AA3 Chapter 5: Chapter 5

OC10796368 Page
18 Dec 2016
3
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MCMASTERCOMMERCE 1AA3Emad MohammadFall

COMMERCE 1AA3 Chapter Notes - Chapter 7: Accelerated Depreciation, Ddb Worldwide, Capital Asset

OC18720135 Page
9 Jul 2017
0
Long lived assets- used in the business but not held for sale. Tangible long lived assets- have physical form such as buildings and equipment. When tan
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