BUSA 100 Lecture : Accounting with Desmond Tsang notes

• School: McGill University
• Department: Business Admin
• Course: BUSA 100
• Professor: Morty Yalovsky

Document Summary

Before, known as the art of recording, classifying, and summarizing. Measuring a company s performance accurately, fairly, and timely. Necessary to compare income and assets, and assess relative risks and returns associated with companies. Accountant someone who conducts reporting tax planning, budgeting for organizations. Financial accounting historical info, used by external & internal users. Auditors are outsiders that govern the profession by verifying the facts. Managerial accounting historical & forecast info, used by internal users only (management), mainly work in capital budgeting and business analysis. Taxation prepare corporate and personal income tax statements, formulate tax strategies. Manager at corporations (finance, hr, operations, marketing, etc. ) Salaries are high: average new ca is k and five years after qualification is k. High job security during financial crisis, accounting remains strong. Possibilities to go into other fields after getting licensed as an accountant. Ceos must understand the financial statements of their companies.