BUS 251 Chapter Notes - Chapter 2: Current Liability, Financial Statement, Net Income

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 251
• Professor: Maureen Fizzell

Document Summary

Measure of assets, liabiliies and shareholders" equity at a certain ime. Asset: a resource controlled by the enity as a result of past events from which future economic beneits are expected. In balance sheet, classiied as either current or a non-current asset. Book value = cost of asset accumulated depreciaion. Liability: an exising obligaion from a past event to transfer an enity"s resources to others in the future. Shareholders" equity: residual ownership interest in the organizaion. Retained earnings: past income accumulated minus amounts paid out to shareholders. Statement of changes in equity : explains how the various components of shareholders" equity have changed from the beginning of the year to the end of the year. 3 main aciviies of cash low: operaions- All companies who trade on a canadian public stock exchange are required to prepare their inancial statements using ifrs- internaional financial reporing standards. Private companies can use this if they wish but can also use.