MGMT 1000 Chapter 11: Business- Chapter 11 Notes

• School: University of Guelph
• Department: Management
• Course: MGMT 1000
• Professor: Kathleen Rodenburg

Document Summary

Accounting: a comprehensive system for collecting, analyzing, and communicating financial information (measures business performance, prepare business reports for owners, public or regulatory agents) Accounting information system: organized procedure for identifying, measuring, recording and retaining financial information for use in accounting statements and management reports. Employees and unions (to get paid for and plan/receives) Investors and creditors (estimate returns to stockholders, growth etc) Controller: the individual who manages all the firms accounting activities (or chief accounting officer) Financial accounting system: the process whereby interested groups are kept informed about the financial condition of a firm. = internal procedures that alert managers to problems and aid them in planning decision making. Chartered professional accountants: the designation that is being used to unify the accounting profession in canada. An individual who has completed an education program and passed a national exam; works in private industry or a cga firm.