RSM100Y1 Chapter Notes - Chapter 14: Double-Entry Bookkeeping System, Deferral, Management Accounting

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27 Dec 2013
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Accounting: a comprehensive system for collecting, analyzing, and communicating financial info. Bookkeeping: recording accounting transactions (one phase of accounting) Accounting information system (ais): an organized procedure for identifying, measuring, recording, and retaining financial information so that it can be used in accounting statements an management reports. Some users of accounting information include: business managers, employees and unions, investors and creditor, tax authorities, government regulatory agencies. Head of ais is the controller: the individual who manages all of the firms accounting activities. Two main fields of accounting: financial and managerial. Managerial accounting: internal procedures that alert managers to problems and aid them in planning and decision making: reports to these users serve the company"s individual units, whether departments, projects, plants or divisions. Chartered accountant (ca): an individual who has met certain experience and education requirements and has passed a licensing examination; acts as an outside accountant for other firms.

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