ACC 110 Chapter Notes - Chapter 1: Husky Energy, Sept, International Financial Reporting Standards

• School: Ryerson University
• Department: Accounting
• Course: ACC 110
• Professor: Shadi Farshadfar

Document Summary

Optional intro document: name, photo, academic & career objectives, interests, statement on what you expect from this course (by sept. 17) Submit it online through d2l (you get 2 bonus points?) Purpose of accounting provide financial information for decision making purposes. Accounting is the information system that identifies and records the economic (cid:498)language of business(cid:499) Internal & external users when preparing financial reports you have to events of an organization and communicates them to interested users. know your audience. Current investors, managers, employees = internal; potential investors = external. Managerial accounting is used for internal users; financial accounting is for external users. Mainly prepare financial statements for investors (1) and creditors (2) Investors are the primary capital providers - we want to encourage them to invest in the company. **supply & demand determines the value of shares** (not individual investors) Accounting information must be accurate, relevant, reliable, and professional.