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Textbook Notes for COMMERCE 1AA3 at McMaster University

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 1AA3Aadil Merali JumaFall

COMMERCE 1AA3 Chapter Notes - Chapter 9: Promissory Note, Current Liability, Interest Expense

OC11628554 Page
30 Nov 2016
19
Capital structure: mix of debt and equity. Debt cheaper but riskier, interest payments can force bankruptcy. Debt has advantage of financial leverage:
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MCMASTERCOMMERCE 1AA3Aadil Merali JumaFall

COMMERCE 1AA3 Chapter Notes - Chapter 4: Commercial Paper, General Ledger, Money Market Fund

OC11446214 Page
7 Oct 2016
20
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MCMASTERCOMMERCE 1AA3Aadil Merali JumaFall

COMMERCE 1AA3 Chapter Notes - Chapter 2-3: Accrual, Canadian Dollar, Deferred Income

OC11628552 Page
30 Sep 2016
57
Separate entity: business is a separate entity. Matching: record expense in period in which it was incurred to generate revenue. Materiality: immateria
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MCMASTERCOMMERCE 1AA3Aadil Merali JumaFall

COMMERCE 1AA3 Chapter Notes - Chapter 1: Cash Flow Statement, Retained Earnings, Balance Sheet

OC11628552 Page
17 Sep 2016
169
Income statement > statement of retained earnings > balance sheet > statement of cash flow. Revenues/expenses - persistent, from ongoing or operating a
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MCMASTERCOMMERCE 1AA3Aadil Merali JumaFall

COMMERCE 1AA3 Chapter Notes - Chapter 1: Retained Earnings, Comprehensive Income, Financial Statement

OC582064 Page
3 Jun 2015
100
Investors are individuals who buy small percentages of large corporations; they make their purchases hoping to gain in two ways. They hope to receive a
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MCMASTERCOMMERCE 1AA3Aadil Merali JumaFall

COMMERCE 1AA3 Chapter Notes - Chapter 3: Debt Ratio, Current Liability, Financial Statement

OC11446214 Page
7 Oct 2016
25
Record only business transactions involving receipt or payment of cash. If you make a ,000 sale on account, you don"t record the sale transaction until
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MCMASTERCOMMERCE 1AA3Aadil Merali JumaFall

COMMERCE 1AA3 Chapter Notes - Chapter 5: Accounts Receivable, Income Statement

OC13270583 Page
11 Dec 2016
3
Monetary claims by others acquired mainly by: accounts receivables selling of goods and services, notes receivables lending of money. A down side is so
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MCMASTERCOMMERCE 1AA3Aadil Merali JumaFall

COMMERCE 1AA3 Chapter Notes - Chapter 4: Bank Reconciliation, Internal Control, Bank Statement

OC13270583 Page
11 Dec 2016
3
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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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