ACC 100 Chapter Notes - Chapter ALL chapters: Financial Accounting Standards Board, International Accounting Standards Board, Standard Accounting Practice

• School: Ryerson University
• Department: Accounting
• Course: ACC 100
• Professor: Vikraman Baskaran

Document Summary

Organizations: a collection of individuals pursing the same goal or objective. Raise large amount of money in a shorter time by issuing bonds or debenture. Bond: a certificate that represents corporations promise to repay a certain amount of money and interest in the future. Shareholders are only liable for the money they invest, not the company as whole: disadvantages: Refer to model of business activities: exhibit 1-3 on page 11. Accounting: the process of identifying, measuring, and communicating economic information to various users. Refer to exhibit 1-6 on page 15 for accounting equation relation with the balance sheet. Security exchange commission (sec): the us federal agency with ultimate authority to determine the rules in preparing statements for companies whose shares are sold to the public. Financial accounting standards board (fasb): the group in the. American private sector with authority to set accounting standards. International accounting standards board (iasb): the organization formed to develop worldwide accounting standards.