MGTA02H3 Chapter Notes - Chapter 4: Salary, Investment, Accounting
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MGTA02H3 Full Course Notes
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Document Summary
Accounting a comprehensive information system for collecting, analyzing and communicating financial information. It is a system for measuring business performance and translating those measures into info for management decisions. Bookkeeping is one phase of accounting the recording of transactions. It uses performance measures to prepare performance reports for owners, the public, and regulatory agencies. To meet objectives, accountants keep records of transactions such as taxes paid, income received, and expenses incurred. As well, they analyze the effects of these transactions on particular activities. Accountants can determine how well a business is being managed and how financial strong it is. The accounting information system (ais) is an organized procedure for identify, measuring, recording, and retaining financial info so that it can be used in accounting statements and management reports. It includes all the people, reports, computers, procedures, and resources for compiling financial transactions. The head of the ais is the controller individual who manages all the firm"s accounting activities.
