ADMS 2500 Chapter Notes -Management Accounting, Income Statement, Financial Accounting

• School: York University
• Department: Administrative Studies
• Course: ADMS 2500
• Professor: Carl Lapp

Document Summary

System for measuring the results of business activities and communicating those results to interested users. The process of recording, classifying, reporting, and interpreting the financial data of an organization. Employers include: manufacturers, wholesalers, and retailers; jobs include: data keeping, reporting, and designing edp systems. Assist management in planning and controlling the firms operations. Controller is the head of the accounting department; interacts with executive management. Internal auditor investigates policies and procedures designed to safeguard assets, promote operational efficiency, and provide reliable information. Accountants in public accounting firms are granted licenses to practice by their professional association. Example: auditing of governmental agencies & private firms conducting business with government. Preparation of reports for use by persons outside a firm. Financial statement is the most commonly used report, as it conforms to gaap. Financial accounting reports tend to be more standardized in terms of format and content than those used in managerial accounting.