ACC 100 Lecture Notes - Lecture 1: Accounting, Financial Statement, Frozen Food

• School: Ryerson University
• Department: Accounting
• Course: ACC 100
• Professor: Maurizio Di Maio

Document Summary

Secondary sector: take the raw materials and turn them into products. Tertiary sector: sell the products at a location. Stakeholders: individuals who either affect or are affected by business. Internal stakeholders: those who use financial information within a business. Focus on keeping their jobs, making money, and making the business productive. Marketing managers focus on the advertising of the company. Ensure that all the laws are being followed. Ensure that there is minimum tax and that all the tax rules are being followed. Want the company to be productive and grow. Internal stakeholders use accounting systems to record the companies productivity. External stakeholders: those who use financial information outside of the company in order to make decisions. Bankers who rely on financial information in order to decide whether they should lend money to the business. External stakeholders use financial statements that are released to make their decisions.