Textbook Notes (270,000)
CA (160,000)
UOIT (400)
BUSI (200)
Chapter 3

BUSI 2150U Chapter Notes - Chapter 3: Financial Statement


School
UOIT
Department
Business
Course Code
BUSI 2150U
Professor
Michael Konopaski
Chapter
3

This preview shows half of the first page. to view the full 1 pages of the document.
Chapter 3 – The Accounting Cycle
Introduction
Recording and processing transactions and economic events are essential parts of
accounting
Provide raw data used to produce the information needed by mangers and stakeholders
for decision making
Booking isn’t accounting, it’s only a part of it
The Accounting Cycle: Introduction
Accounting cycle is the process of entering transaction and economic event data into an
accounting system and then processing , organizing and sing it to produce information,
such as financial statements
Accounting system’s role in capturing relevant economic events affecting the entity
Most entities base financial reporting on transactions that have already occurred
Accrual Accounting
You're Reading a Preview

Unlock to view full version