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H Laurence (21)

Chapter 4-Understanding Accounting Issues

3 Pages

Management (MGT)
Course Code
H Laurence

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Chapter 4 Understanding Accounting Issues 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 People who use accounting information: - Business Managers - to set goals, develop plans, set budgets, and evaluate future prospects - Employees and unions - to get paid and plan for and receive benefits - Investors and creditors - estimate returns to stockholders - Taxing Authorities - plan for tax inflows, to determine tax liabilities of individuals and businesses - Government Regulatory Agencies - to fulfill their duties; the provincial securities commissions Controller - The individual who manages all the firms accounting activities Financial and Managerial Accounting Financial Accounting Financial Accounting System - The process whereby interested groups are kept informed about the financial condition of a firm - consumer groups, unions, shareholders, government agencies - Prepares and publishes income statements, and balance sheets at regular intervals - focuses on the activities of the company as a whole - Information in the reports are historical; summarized financial transaction that occurred Managerial Accounting Managerial (Management) Accounting - Internal procedures that alert managers to problems and aid them in planning and decision making
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