MGM102H5 Chapter Notes - Chapter 10: Net Income, Gross Margin, Inventory Turnover
Document Summary
Accounting: recording, classifying, summarizing, and interpreting of financial events to provide management and other interested parties the information they need to make good decisions. Major purpose of accounting is to help managers evaluate financial condition and operating performance of firm so that they can make well informed decisions. Managerial accounting: accounting used to provide information and analyses to managers within organization to assist them in decision making. Financial accounting: accounting information and analysis prepared for people outside the organization. Annual report: yearly statement of financial condition, progress, and expectations of an organization. Chartered accountant: an accountant who has met the examination, education, experience requirements of canadian institute of chartered accountants. Certified management accountant (cma): accountant who has met the examination, education, and experience requirements of society of management accountants of canada. Certified general accountant (cga): an accountant who has met the examination, education and experience requirements of certified general accountants association of canada.
