Class Notes (834,630)
Canada (508,661)
MGTA02H3 (143)

chapter 4

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Management (MGT)
Chris Bovaird

Chapter 4 Accounting a comprehensive system for collecting, analyzing, and communicating financial information Bookkeeping recording accounting transactions Accounting information system (AIS) an organized procedure for identifying, measuring, recording, and retaining financial information so that it can be used in accounting statements and management reports Controller the individual who manages all the firms accounting activities Financial accounting system the process whereby interested groups are kept informed about the financial condition of a firm Managerial accounting internal procedures that alert managers to problems and aid them in planning and decision making Chartered accountant an individual who has met certain experience and education requirements and has passed a licensing examination; acts as an outside accountant for other firms CGA an individual who has completed an education program and passed a national exam; works in private industry or a CGA firm CMA an individual who has completed a university degree, passed a national examination, and completed a strategic leadership program; works in industry and focuses on internal management accounting Audit an accountants examination of a companys financial records to determine if it used proper procedures to prepare its financial reports Forensic accountant an accountant who tracks down hidden funds in business firms, usually as a part of a criminal investigation GAAP standard rules and methods used by accountants in preparing financial reports Management consulting services specialized accounting services to help managers resolve a variety of problems in finance, production scheduling, and other areas Private accountant an accountant hired as a salaried employee to deal with a companys day-to-day accounting needs Asset anything of economic value owned by a firm or individual
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