Textbook Notes (362,755)
Canada (158,052)
MGAB01H3 (126)
G.Quan Fun (21)
Chapter 1

Chapter 1 Study Guide

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University of Toronto Scarborough
Financial Accounting
G.Quan Fun

Chapter 1: The Purpose and Use of Financial Statements Accounting the information system that identifies and records the economic events of an organization and then communicates them to the user (also referred to as the language of business) Internal Users of Acc. Info. Finance, marketing, HR and production External Users of Acc. Info investors and creditor are the main external users Forms of Business Organization Proprietor (one owner) N Usually operated by the owner N Small start up costs N Held accountable for all things in the business N No legal distinction between the business as an economic unit and the owner Partnership (more than one owner) N &8:,OO14720-0.,:8043050784340839K,;0,06:,900.4342L.7084:7.0847,5,79307-7Lngs a special or unique skill to the business N Unlimitedlimited liability Corporations N Shares indicate your ownership claim N Many businesses start as proprietorshipspartnership and eventually incorporate N Shareholders only risk losing the amount they have invested in the .425,38 shares ONLY N Proprietorspartners pay personal in
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