MGAB01H3 Chapter Notes - Chapter 6-8, 13: Current Asset, Current Liability, Financial Statement
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MGAB01H3 Full Course Notes
Verified Note
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Document Summary
Sofp: (balance sheet) report assets/liab/se of an acc entity @ spec. time (a= l+se) Soci: change in se during period excluding shareholders(can be so earnings + soci or just soci) Soce: all changes in se during period (beg re + ne div = end re) Socf: $ in/out flows related to operating, investing, financing activities during per. (cfo+cfi+cff= . Ne from soearnings increases ending re in soce. End re from soce is part of se in sofp. In $ on socf + beg $ balance = end $ bal on sofp. Intnl fncl rprtg stndrds: ifrs are guidelines for measurement rules used to dvlp info in fncl stmts. Helps cmpnys choose best acc methods for their specific operations and financial situation. Prvnts mngrs from manipulating values for personal interest by using non-conforming acc pratices. Users familiarize with one set of practices, thus can understand/assess financial statements properly. Business owned by 1 person; retail/farming type; owner=mngr.
