Textbook Notes (362,790)
Canada (158,054)
Accounting (526)
ACC 100 (209)

lecture 1

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Ryerson University
ACC 100
Nick Iannazzo

LECTURE 1 Learning objectives • Forms of business • Types of business activities • Users of accounting and their needs • Purpose of each financial statement, relationship among them and prepare a set of simple financial statements • Assumptions made in preparing financial statements Forms of business • Sole Proprietorship: 1 owner, unlimited liability • Partnership: 2 or more owners, unlimited liability • Corporation: many owners, ownership based on shares, organized under province or federal government, limited liability Types of Business activities • Financing – raising funds • Investing – buying land, building, equipment, etc • Operating-selling goods and services Internal and External Users of accounting and their needs • Current and potential owners • Bank creditors • Revenue of Canada • Customers • Financial analysts • Regulatory agencies • Competitors • Suppliers • Internal users-management Financial statements • Are reports from management to the external users which summarize how the company performed during the period. • They attempts to capture financial information about a company so users can make informed decisions. Income Statement- Reports the results of operations for a specific period of time Statement of Retained Earnings-Reports the changes in retained earnings for a specific period of time Balance Sheet-Reports the assets, liabilities, and shareholders’ equity as at a specific point in time Cash Flow Statement -Reports the cash receipts and payments for a specific period of time Income statements- R
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