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ACC 340 Study Guide - Midterm Guide: Cash Flow Statement, Income Statement, Share Capital

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tracywang2000
20 Apr 2022
School
Ryerson University
Department
Accounting
Course
ACC 340
Professor

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Document Summary

Financial management: the effective and efficient use of an entity"s monetary resources. Business entity: an organization of people & resources assembled to achieve a purpose by conducting various activities to produce and sell goods or services to a market. Mission - satisfy the need of the market by providing something with perceived value (ex. solve a problem, create opportunity) Generate rewards for owners - which will increase the value of the business. Both goal 2 and 3 are economic goals. Examples: sale of goods/services, purchase of merchandise, employee salaries. Net inflow when obtaining funds for growth, net outflow when business matures and repays loans/dividends. Examples: borrowing/loan, repay debt/loan, pay dividends, buy back shares, etc. Capital provider: a person or organization that provides capital to the business entity. Lender: a capital provider who contributes resources to a business entity (cash loan or debt financing) loan gets repaid.

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