RSM100Y1 Study Guide - Quick Ratio, Revenue Recognition, Gross Margin
Accounting: a comprehensive information system for collecting, analyzing, and communicating financial information. It measures business performance and use those information for management decisions. Bookkeeping: recording accounting transactions (only a part of accounting; accounting is much more than just bookkeeping) Users of accounting information are: business managers: use accounting info to set goals, develop plans, set budgets and evaluate future prospects, employees and unions: use accounting info to get paid and plan for a and receive benefits. Controller: the individual who manages all the firm"s accounting activities (is the head of the ais: controller"s activities require both the field of financial and managerial accounting. Chartered accountant (ca): to achieve this designation, you must earn a university degree, complete an educational program and pass a national exam. Certified general accountant (cga): to achieve this designation, you must complete an education program and pass a national exam.