Chapter 1 Study Guide

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University of Toronto Scarborough
Financial Accounting
Douglas Kong

Chapter 1Accounting information system that identifies records communicates the economic events of an organization to interested usersEconomic events activities related to the production and distribution of goods and services in an organizationInternal users those who plan organize and run a businessExternal users those who work for other organizations but who have an interest in and need for information about the companys financial position and performanceBusiness owners called investors or shareholders look for two sources of possible gain 1 sell ownership interest in the future for more than they paid 2 receive a portion of the companys earnings in cash dividends2 fields of AccountingFinancial accounting refers to the field of accounting that provides information to people who are external to an entityManagerial Accounting refers to the field of accounting that provides information to the managers of the entity and other decision makers who work for the entity eg budget setting a targetIFRS international financial reporting standardwhy IFRS consistency comparability flexibility accessibility one set of booksIFRS in Canada publicly accountable enterprises will be required to adopt I
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