Flashcards in Unit 1 & 2 Deck (7)
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1
define transaction
and event occurring during the operation of the business which results in a financial change. It is an exchange of things
2
what is the purpose of accounting?
to provide financial information for decision-making
3
accounting standards are:
the principals, rules, and guidelines followed when preparing and presenting accounting information
4
a public company
is listed on the stock exchange and is accountable to the public
5
a private company
does not have shares in the market. it may be owned by one person or a small group of people. it is not accountable to the public
6
what standards govern:
public companies in Canada?
private companies?
a) international financial reporting standards (IFRS)
b) the accounting standards for private enterprises (ASPE)
7