BU127 Study Guide - Midterm Guide: Current Liability, Retained Earnings, Financial Statement

• School: WLU
• Department: Business
• Course: BU127
• Professor: John Young

Document Summary

Managerial accounting reports are for internal: external financial reporting. Gaap= generally accepted accounting principle (can be ifrs or aspe) Companies that trade securities in public markets must use ifrs: four basic financial statements. Statement of financial position (balance sheet) reports the amount of assets, liabilities, a(cid:374)d sha(cid:396)eholde(cid:396)s" e(cid:395)uity of a(cid:374) a(cid:272)(cid:272)ou(cid:374)ti(cid:374)g e(cid:374)tity at a poi(cid:374)t i(cid:374) ti(cid:373)e. Statement of comprehensive income (statement of income)- reports the revenues less the expenses of the accounting period. Statement of changes in equity (statement of retained earnings)- reports the way that p(cid:396)ofit, dist(cid:396)i(cid:271)utio(cid:374) of p(cid:396)ofit (cid:894)di(cid:448)ide(cid:374)ds(cid:895), a(cid:374)d othe(cid:396) (cid:272)ha(cid:374)ges to sha(cid:396)eholde(cid:396)s" e(cid:395)uity affected the financial position of the company during the accounting period. Statement of cash flows: statement of financial position. Title of financial statement (statement of financial position) Specific date of the statement (at blah blah blah) Unit of measure (in thousands of canadian dollars) Non-current assets (property, land, equipment, building, financial assets, goodwill, intangible assets)