Textbook Notes (368,317)
Canada (161,798)
MGAB01H3 (126)
Liang Chen (50)
Chapter 1

chapter 1

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Financial Accounting
Liang Chen

Chapter 1 Accounting Matters Accounting J is the information system that identifies and records the economic events of an organization, and then communicates them to a wide variety of interested users. Users and Uses of Accounting Internal users J they work for the company - These include finance directors, marketing managers, human resource personnel, production supervisors, and company officers - Accounting provides internal reports: financial comparisons of operating alternatives, projections of earnings from new sales campaigns, forecasts of cash needs for next year, analyses of sales costs, and budgets financial statements. External users J investors and creditors are the main external users of accounting information - Investors: is the company earning enough to give me a return on my investment - Creditors: will the company be able to pay its debts as they come due - Labour unions: can the company afford the pay raise we are asking for - Customers: will the company stay in business long enough to service the products I buy from it Ethical behaviour J financial statements must be prepared by individuals with high standards of ethical behaviour Forms of Business Organizations Proprietorships J owned by one person, only a relatively small amount of capital is ne
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