COMM 111 Chapter Notes - Chapter 1: Market Liquidity, Current Liability, Income Statement

• School: Queen's University
• Department: Commerce
• Course: COMM 111
• Professor: Patrick J Legresly

Document Summary

Financial accounting- provides information for managers inside the business, and for decision makers outside the organization (investors, creditors, government agencies and public) Management accounting- generates inside information for the managers of the organization (budgets, forecasts and projections) Proprietorship- an unincorporated business with a single owner (a proprietor), tends to be a small business. Partnership- an unincorporated business with two or more partners as co-workers, each owner is a partner, each partner is liable for all the partnership"s debts. Income statement- measures a company"s operating performance for a specified period of time. Revenue consists of amounts earned by a company in the course of its ordinary day to day business activities. Gains represent other items that result in increase in economic benefits to a company, outside of day to day activities. Expenses- consists of losses and any expenses involved in the course of the ordinary business activities.