Textbook Notes (368,339)
Canada (161,803)
York University (12,829)
Finance (91)
FINE 2000 (79)
Chapter 3

Chapter 3.docx

2 Pages
83 Views
Unlock Document

Department
Finance
Course
FINE 2000
Professor
Alan Marshall
Semester
Winter

Description
ACTG2020 Chapter 3 Jessica Gahtan CHAPTER 3: ACCOUNTING AND FINANCE 3.1 THE STATEMENT OF FINANCIAL POSITION OR BALANCE SHEET - Public companies publish their F/S on a regular basis, providing investors with access to info about the companies’ financial situation - 10Q- Quarterly publishing, 10K annual publishing - Canadian Securities Administrators (CSA) is an org created by Canada’s provincial and territorial regulators International Financial Reporting Standards (IFRS) are procedures for preparing F/S - Statement of financial position (SFP) or balance sheet, income statement, statement of comprehensive income (SCI), the statement of changes in equity, and the statement of cash flows Subsidiary is a business that’s owned by another corporation, called a parent, who controls the business- to control the business, the parent company has to own at least 50% + 1 of the voting shares Statement of financial position (SFP) shows the book value of the firm’s assets, liabilities, and equity as of a specific date Book value or carrying value is the value of assets or liabilities shown on the statement of financial position (B/S) - Some assets are more liquid- can turn into cash more easily - Sequence doesn’t affect the total value of the assets Fair value estimated market value - Every year, assess whether the asset has been impaired - Impairment tests determine if the asset’s value has deteriorated below its book value- compare the book value of the asset to its recoverable amount- estimate of its fair value - Net PPE =purchase cost less accumulated depreciation Check Point 3.1 a) b) c) - Intangible assets are long-lived assets that don’t have physical substance - Amortization similar depreciation expense - Goodwill is generated when a company buys another company - Provision is an estimated liability for a probable cos
More Less

Related notes for FINE 2000

Log In


OR

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit