RSM219H1 Chapter Notes - Chapter 1: Current Liability, Software, Investment

• School: UTSG
• Department: Rotman Commerce
• Course: RSM219H1
• Professor: Christian Campbell

Document Summary

Financial accouning - is the process by which info on the transacions of an org is captured, analyzed, and used to report to decision makers outside of the org"s management team. Financial statement users - decision makers; (business stakeholders) include owners (investors) and creditors; users inside the org - the management (but they get more detailed info) Managerial accouning - all of org"s inancial info, including info that is never shared outside of the org. Financial accouning provides the vital inancial info that enables ppl and org to make decisions. Shareholders, board of directors, potenial investors o o. Shareholders elect a board of directors -> they oversee the management team. They analyze the current share p and compare it with the p they paid for it. They seek a return in the form of interest. Want to ensure that the principal (the money they lend) will be repaid. Canada revenue agency (cra) - responsible for federal tax collecion.