COMMERCE 1AA3 Chapter 1: Chapter Notes.docx

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Income statement (also known as statement of: statement of retained earnings: (sometimes in the, balance sheet (also known as the statement of financial position, cash flow statement (also known as the statement of cash flows, statement of other comprehensive income financial statements: profit/loss) statement of charges. Accounting: is an information system that measures and records business activities, processes data into reports, and makes it available to decision makers: language of business, produces financial statements that report info about a business entity, report includes: financial position, operating performance + cash flow, bookkepping is different b/c it is a mechanical part of accounting, for accounting you need to understand the principles, application and interpreting results. Difference is who uses the info: financial accounting, gives info to managers inside the business + decision makers outside the organization: investors, creditors, public, managerial accounting, only gives inside info to the managers of the organization, budgets, forecasts and projections.

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