chapter 4

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6 Jan 2011
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 company’s 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 company’s
day-to-day accounting needs
Asset anything of economic value owned by a firm or individual
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