Class notes

Class notes Financial Accounting (BACC152)

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Course
Financial Accounting (BACC152)

Institution
Humber College ( )

Financial accounting may seem difficult but with these notes, you will have a better understanding. This document goes over what accounting is, the rules of accounting, and the different types of accounts. You will also learn a whole new set of terms that will surely help you in your own class.

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Uploaded on August 22, 2022
Number of pages 2
Written in 2021/2022
Type Class notes
Professor(s) Nicole chuchmach
Contains Bacc 152

financial accounting
finance
accounting
debits and credits
credits
debits
business
business entity principle
cost constraint principle
going concern principle
generally accepted accounting principles

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Financial Accounting

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1. Class notes - Class notes financial accounting (bacc152)
2. Class notes - Class notes financial accounting (bacc152)
3. Class notes - Class notes financial accounting (bacc152)
4. Class notes - Accounts
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Introduction to Financial Accounting

BACC 152
Humber College

What is accounting?

 Identifying
 Recording
 Communicating

Information and measurement system that identifies, records, and communicates relevant,
reliable, and comparable information about business activities in economic terms

Generally Accepted Accounting Principles (GAAP)

Refer to a common set of accounting principles, standards, and procedures issued by the
Financial Accounting Standard Board (FASB)

1. Business entity principle

Hospitality business and the owner are two separate “entities”
What does the business attempt to do
What does the owner attempt to do

Types of hospitality organizations
Sole proprietorship
● Hospitality business is owned by one person
● Unlimited liability (assume all risk)

Partnership
● Hospitality business is owned by two or more people (referred to as partners)

Corporation

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