ACTG 2010 - 2013W - Week 2

ACTG 2010 - 2013W - Week 2 - Intro to Financial Accounting...

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Intro. to Financial Accounting I ACTG 2010 S Winter 2013 Week 2
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Reminders Lyryx Lab Assignment #1 due next week By 11:59pm on Tuesday, Jan 22! Take attendance (final time)
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Financial Statements What are they? Let’s look at an example: What information can we obtain from the financial statements?
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Financial Statements “General” purpose Prepared at least once a year Report information for a “fiscal” period Public companies – must use IFRS
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Financial Statements Balance Sheet Income Statement Statement of Retained Earnings Cash Flow Statement Notes
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Balance Sheet Financial position at a point in time Assets = Liabilities + Owner’s Equity In-class problem – exercise E2-1
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Assets IFRS criteria: Controlled by entity Result of past transaction or event Provides measurable future benefit It is probable that the future benefit will be realized by the entity Consider: inventory, car, advertising…
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