The Tale of the Turtle Essays

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Accounting 317

September 13, 2011

Financial accounting: rules/regulations for the compilation of financial statements provided for eternal users

External users: -creditors, Suppliers, government, employees, investors, customers, financial, analysts\

International financial reporting standards (IFRS) starting 2011

Three different types of businesses * Sole Proprietorship : business owned by one person * Partnership : business owned by 2 or more people * Corporation : entity that is separate from the owners * Public Companies : Needs to use International financial reporting standards * Private companies

Financial Statements * Balance Sheet / Statement of Financial position * Statement of comprehensive income * Income statement : Private companies * Other comprehensive income : Needs to use international financial reporting standards * Statement of changes in equity * Statement of retained earnings : private companies * Changes in share capital * Other components * Cash flow statement * Notes

Annual Report: Mandatory for public companies * Letter to shareholders * Non-financial information * Financial information

Balance sheet * Financial results at a point in time * Has three categories * Resources : * Assets * Sources: * Liabilities * Equity * Share capital * Retained earnings * Other components * * Statement of comprehensive income * Income Statement * Statement of changes in equity * Retained earnings * Beginning Retained Earnings * Add: net income * Less: Dividends * Ending Retained earnings

Cash flow Statement * Net cash flow from operating activities * Net cash flow from investing activities * Usually long term assets * Net cash flow from financing activities * Debt and equity financing * Net Change in cash * Add: beginning cash * Less: ending Cash

P.16 in text book exhibit 1.6

Price earnings ratio * Price earnings = market price/Earnings per share

* Purchase price = price earnings ratio X Earnings per share

September 15 2011

Primary objective – IFRS * Provide useful information about the business to help external parties make sound economics financial decisions.

Assumptions * Economic entity assumption * Ever economic entity can be separately identified and accounted for. * Personal items of owners are not accounted by the business * Monetary unit * Each business reports its financial statements and results in terms of the national monetary unit * Only items expressed in monetary terms are included * Continuity or Going Concern * The business will continue to operate enough to carry out its existing objective

Principles * Cost/historical cost principle: * The asset or liability is recorded at the cash equivalent cost required at the date of the transaction

A transaction * Exchange of an economic resources resulting from a past event * 2 types of transaction * External event * Internal event

Chart of accounts

Balance sheet

Resources:

Assets * Cash, inventory, accounts receivable, prepaid assets, buildings, equipment, patents

Current assets: assets that will be converted into cash or used up within the upcoming year

Non- current assets: all others

Sources: * Liabilities: A/P, wages payable, interest payable, Mortgage payable, bonds payable, * Deferred/unearned revenue

Current liabilities: amount owed in the upcoming year

Non-current liabilities: all others

Shareholders’ equity: * Contributed capital * Share capital/Capital stock * Cash received in exchange for
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