Management and Organizational Studies 2310A/B Study Guide - Midterm Guide: Current Liability, Double Taxation, International Financial Reporting Standards

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2310A/B
• Professor: Nicholas Kahnert

Document Summary

Chapter 2 financial statements, cash flow, and taxes. Statement of financial position: financial statement showing a firm"s accounting value on a particular date. Shows what the firm owns, owes and the different between the two: assets, liabilities & equity. Ifrs: international financial reporting standards: gives a company flexibility on how to present the statement of financial position, in canada, we retain the order used under gaap. Fixed assets can be tangible or intangible. Fixed assets are referred to as capital assets. The structure of assets on the statement shows what line of business the firm is in and managerial decisions about how much cash/inventory to main and credit policies. Liabilities are classified as current or long-term. Bonds and bondholders are used to refer to long-term debt and long-term creditors. Equity is the different between assets and liabilities. This balance represents managerial decisions about capital structure.