ACC 1100 Study Guide - Midterm Guide: Sole Proprietorship, Income Statement, Financial Statement

• School: University of Manitoba
• Department: Accounting
• Course: ACC 1100
• Professor: wendy schultz

Document Summary

Income taxed in hands of owner share of income taxed in each persons hands and all partners liable for debts. Sole proprietorship: one person owns and operates business (ex. Partnership: unincorporated business with two or more partners (ex. Physicians, lawyers, accountants) corporations: business incorporated under federal or provincial corporations, legal entity separate from owner accounting: an information system that measures and records business activities, processes data into reports, and reports results to decision makers. Financial statements: business documents that companies use to report results of activities to various user group includes: income statements statement of retained earnings balance sheet statement of cash ows. External users: tax authority, investors, not for pro t, creditors, osc, customers. Financial accounting: provides info for external users, standardized info. Management accounting: provides info for internal users, info customized. International nancial reporting standards: (ifrs) set up in 2001 by the iasb in canada the iasb issues ifrs the cpa canada accounting standards board (acsb)