Management and Organizational Studies 1023A/B Chapter Notes - Chapter 1: International Financial Reporting Standards, International Accounting Standards Board, Legal Personality

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 1023A/B
• Professor: Maria Ferraro

Document Summary

Introduction to mosii mos 1023 accounting matters! Users and uses of accounting: accounting information system that identifies and records the economic events of an organization and then communicates them to a wide variety or interested users. Internal users of accounting information plan, organize, and run companies. Investors use accounting information to make decision to buy, hold, or sell, their ownership interest. Lenders use accounting information to evaluate the risk of lending money: other creditors use accounting information to decide whether or not to grant credit to a customer. Ethical behaviour by users: recognize an ethical situation and the ethical issues involved. Identify and analyze the main elements in the solution. Identify the alternatives, and weigh the impact of each alternative on various stakeholders. Life of the proprietorship is limited to the life of the owner personal income tax return: business records of the proprietorship must be kept separate from those related to the owner"s personal activities.