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BUS 251 Chapter Notes - Chapter 1-3: Profit Margin, Deferral, Historical Cost

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blackmosquito622

5 Apr 2012

School

Simon Fraser University

Department

Business Administration

Course

Professor

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Document Summary

Chapter 1 overview of corporate financial reporting. Business plan to profit from selling a product or service. Can be an individual or thousands of owners (investors). Accounting is an information system in which the underlying economic conditions of organizations and of individuals are recorded, summarized, reported, and understood. Financial statements: management"s reports to the companies" owners that summarize how the company performed during a particular period. Also tells users what the company owns, to whom it has obligations (debts), and what is left over after the obligations are satisfied (paid). Annual report: the main method that management uses to report the results of the company"s activities during the year. In january 1st, 2011, canada changed the underlying standards that are used to collect, record, and report accounting information. From canadian standards to international financial reporting standards (ifrs). Profit-seeking entities such as corporations; governing organizations. Service entities such as hospitals and academic institutions. We will be concentrating on profit-seeking entities.

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Related Questions

Which of the following statements is true of business ethics?

a. Ethical behavior can not only enhance a company's reputation but can also drive profits.

b. Conducting business in an ethical manner does not influence the financial performance of a company.

c. Social responsibility is directed only toward a company's customers and not its employees.

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silverwombat742

The term business ethics is best described by the following statement:

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d. It is an organization's obligation to maximize its positive effects and minimize its negative effects on stakeholders.

e. It comprises the principles, values, and standards that guide behavior in the world of business

sapphireskunk152

Identify which human resources management activity is being illustrated in the following examples:

HR management activities:

staffing	compensation & benefits	training & development
compliance	employee relations

1) Identify which human resources management activity is being illustrated in the following examples:

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12) _____ An HR manager perfors background and reference checks on a potential candidate.