MGT120H5 Chapter Notes - Chapter 4: Canadian Securities Administrators, Internal Control, Accrual

• School: UTM
• Department: Management
• Course: MGT120H5
• Professor: Catherine Seguin

Document Summary

Earned revenue ! another party to act in a way that causes injury or damage to that party! Lecture 5 (chapter 4) - february 4th, 2014 ! Accrual: whether or not expenses have been accrued or not ! Accounting principle: revenue earned - when it has been earned ! 3 types of adjustments: deferrals, depreciation, accruals. Collected one year of rent in advance . Aug 1st - dec 31 = 5 months ! Chapter 4 - internal control and cash ! Fraud is an intentional misrepresentation of facts, made for the purpose of persuading. It is a huge problem and is getting bigger not only in canada, but across the globe! The two most common types of fraud that impact nancial statements are:: misappropriation of assets, fraudulent reporting! A plan of organization and system procedures designed, implemented and maintained! by company management and board of directors to deal with risks related to:!