BU127 Chapter Notes - Chapter 1-9: International Financial Reporting Standards, Deferral, Retained Earnings

• School: WLU
• Department: Business
• Course: BU127
• Professor: Carolyn Mac Tavish

Document Summary

Statement of financial position: (cid:396)epo(cid:396)ts assets, lia(cid:271)ilities, a(cid:374)d sha(cid:396)eholde(cid:396)"s e(cid:395)uit(cid:455) of a(cid:374) e(cid:374)tit(cid:455) at a point in time. Assets: economic resources controlled by an entity as a result of past transactions or events and from which future economic benefits may be obtained. Increase on debit (left) decrease on credit (right) Inventories (to be sold: cash, short term investments, accounts receivable, notes receivable, supplies, prepaid expenses (expenses paid in advance of use, long term investments, buildings, other current assets intangibles. Non current-assets : considered to be long term because they will be used or turned into cash over a period longer than a year: property and equipment (at cost less accumulated depreciation, financial assets, goodwill, other miscellaneous assets. Lia(cid:271)ilities: p(cid:396)ese(cid:374)t de(cid:271)ts o(cid:396) o(cid:271)ligatio(cid:374)s a(cid:396)isi(cid:374)g f(cid:396)o(cid:373) a(cid:374) e(cid:374)tit(cid:455)"s past t(cid:396)a(cid:374)sa(cid:272)tio(cid:374)s that (cid:449)ill (cid:271)e paid with assets or services. Decrease on debit (left) increase on credit (right) Current liabilities: accounts payable, short term debt (or borrowings, accrued liabilities (expense incurred.