Textbook Notes (363,140)
Canada (158,217)
Accounting (526)
ACC 110 (66)
Chapter 1

Chapter 1: The Accounting Environment: What is Accounting and why is it done?

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Ryerson University
ACC 110
Brad Mac Master

ACC110Chapter 1 The Accounting Environment What is Accounting and why is it doneAccountingsystem for gathering data about an entitys economic activity processing and organizing that data to produce useful information about that entityand communicating that information to people to want to use it to make decisionsEntityan economic unit of some kind such a business university government etcFinancial accountingprovides information to people who are external to an entityManagerial accountingaddressed the information needs and decision of the managers of an entityThe accounting environment Corporationseparate legal entity created under the corporation laws of either Canada one of the provinces or some other jurisdiction of the world o Ownership is represented by shares ad owners of shares are called shareholders o Provides limited liabilityProprietorshipunincorporated bus
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