BU127 Chapter Notes - Chapter 1: Certified Public Accountant, Professional Code Of Quebec, Chartered Professional Accountant
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BU127 Full Course Notes
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Creditors businesses borrow money from them: lend money for specific length of time, gain charging interest on money they lend. Investors ppl who buy small percentages of large corporations: expect to gain portion of what company earns in form of cash pmts (dividends, eventually sell their share of company at higher price than they paid. Investing activities: purchases / sales of property, equipment used in producing products. The business operations: purchase materials and labour, manufacture product (either make parts needed or buy parts from supplier, sell products to customers, collect cash from customers and pay creditors. Accounting: system that collects and processes (analyzes, measures and records) financial information about an organization and reports that information to decision makers. Prepared using gaap (generally accepted acounting principles) can be either: ifrs : international financial reporting standards (iasb) Required when company trades securities (debt/equity) in public market: aspe : accounting standards for private enterprise (acsb)
