MGAB01H3 Chapter Notes - Chapter 1: Retained Earnings, Income Statement, International Financial Reporting Standards

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MGAB01H3 Full Course Notes
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MGAB01H3 Full Course Notes
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Creditors: lend money to company (i. e local bank and other lenders) Investors: individuals who buy small percentages of large corporations. Dividends: a portion of what the company earns in the form of cash payments. Financing activities: exchanging money with the lenders and owners. Accounting period: is the time period covered by the financial statements. Notes (footnotes): provide additional info about the financial condition of a company, without which the financial statements cannot be fully understood. Present additional detail about an item on the financial statements. Provide additional info about an item not on the financial statements. Appendix 1a: three types of business organizations: sole proprietorships: Not a legal entity separate from owners: partnership: Partners personally responsible for all partnership debts: corporation: International financial reporting standards (ifrs): guidelines for the measurement rules used to develop the info in financial statements (for public companies listed on foreign exchange)

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