MGTA01H3 Chapter Notes - Chapter 1-4: Accrual, International Financial Reporting Standards, International Accounting Standards Board
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MGTA01H3 Full Course Notes
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Document Summary
Accounting accounting is a system that collects and processes (analyzes, measures, and records) financial information about an organization and reports that information to decision makers. Accounting entity an accounting entity is the organization for which financial data are to be collected. Accounting period the accounting period is the time period covered by the financial statements. The accounting standards board (acsb) is the private- sector body given the primary responsibility to work out the detailed r ules that become accepted accounting standards. An audit is an examination of the financial reports to ensure that they represent what they claim and conform with international financial reporting standards. Audit report (report of independent auditors) the audit report (report of independent. Auditors) describes the auditors" opinion of the fairness of the financial statement presentations and the evidence gathered to support that opinion. Basic accounting equation assets = liabilities + shareholders" equity.
