AFM131 Lecture Notes - Lecture 16: Current Liability, Forensic Accounting, Inventory Turnover

• School: University of Waterloo
• Department: Accounting & Financial Management
• Course: AFM131
• Professor: David H A

Document Summary

Accounting= recording, classifying, summarizing, and interpreting of financial events and transactions in an organization to provide management and other interested parties the financial information they need to make good decisions about its operation. Accounting system=inputs to an accounting system (ex. sales documents and other records) data: recorded, classified, and summarized. Users of accounting info: gov"t taxing authority tax returns, gov"t regulatory agencies required reports, people interested in organizations income regular financial statements, managers of the firm financial statements. 5 working areas: 1) managerial 2)financial 3) auditing 4)tax. Provides info and analysis to managers inside company to assist in decision making. Measuring and reporting costs of: production, marketing, and other functions. Focus on sustainability practices employed by b. Ex. social asset management- company aims to make smarter decision about limited resourcfes. Creditors and lenders, unions, customers, suppliers, gov"t agencies and public. Annual report=a yearly statement of financial condition, progress and expectations of an organization.