ACC 110 Chapter Notes - Chapter 1: Legal Personality, Canada Revenue Agency, Canada Business Corporations Act
Document Summary
Indeed many people consider accounting more an art than a science: accounting isn"t precise or exact. Many estimates have to be made and uncertainty surrounds most accounting numbers: accounting doesn"t provide the right answer. Information: results from organizing and presenting the data in ways that way it useful for decision making by stakeholders: financial accounting: provides information to people who are external to an entity. External users include investors, lenders, taxation authorities (such as canada revenue agency), competitors, and many others. Usually such users don"t have direct access to information about the entity and must rely on the entity to provide it: managerial accounting: addresses the information needs and decisions of the managers of an entity. Ethical considerations, law, income tax act, demands of powerful stakeholders, securities. Legislation, other: the different types of stakeholders include: shareholders, partners, proprietors, employees, Unions, regulators, creditors, tax authority, potential shareholders, managers, donors, Customers, governments, politicians, analysts, communities, public, competitors, bond raters,