C1 Chapter 01

C1 Chapter 01 - 1-1Chapter 1Accounting Communication – An Accounting 1stCanadian ed by PNCS-B1-2Forms of

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Unformatted text preview: 1-1Chapter 1Accounting Communication – An IntroductionFinancial Accounting 1stCanadian ed. by PNCS-B1-2Forms of Organizations◆Business◆NonbusinessSole proprietorship PartnershipCorporation1-3Types of Business Activities◆Financing – raising funds◆Investing – buying land, building,equipment, etc.◆Operating – selling goods/services1-4What is Accounting?IdentifyingMeasuringCommunicatingEconomicInformationto various users1-5Internal and ExternalUsers of Accounting InformationInternal Users -ManagementCreditorsCurrentandPotentialOwnersGovernmentAgenciesSuppliersTradeOrganizationsFinancialAnalystsBanks1-6Decisions Made with Financial InformationInvest??Borrow $$??Sell shares or bonds??Build new plant??Add new product line??Start new business??Loan $$??Extend credit $$??1-7The Accounting EquationAssets = Liabilities + Owners’ Equity(or Shareholders' Equity)Creditors'Claimsto AssetsOwners'Claimsto AssetsEconomicResources=+Examples:CashAccounts receivableInventoryAccounts payableNotes payableCapital stockRetained earnings1-8Balance SheetAssetsLiabilitiesOwners’ Equity(or Shareholders' Equity)=+- snapshot offinancial positionShareCertificate1-9Current assets:Cash and cash equivalents$ 147$ 130Accounts receivables793 529Material and supplies127...
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This note was uploaded on 10/19/2011 for the course ACCT 2242 taught by Professor Cumming during the Spring '11 term at Dalhousie.

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C1 Chapter 01 - 1-1Chapter 1Accounting Communication – An Accounting 1stCanadian ed by PNCS-B1-2Forms of

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