AFM131 Chapter Notes - Chapter 16: Chartered Accountant, Bookkeeping, Internal Audit

• School: University of Waterloo
• Department: Accounting & Financial Management
• Course: AFM131
• Professor: David H A

Document Summary

Discussion in the news - cpa promote trusted biz advisors unified profession advertised. Accounting recording, classifying, summarizing, and interpreting financial events. Think of transactions buying supplies paying employees receiving a loan marketing staff operation staff - cost of production. Hr - manage cost of ppl(salary) in service factor, change of env will change cost: stakeholders use of accounting data. Suppliers - paid in timely manner set payment term. Gov - tax collection purpose: accounting disciplines. Managerial accounting info to managers inside the company to assist in decision making. Financial accounting info for stakeholders outside the company. Annual report: a yearly statement of the financial condition, progress and expectations of a company. Compliance accounting(auditing): private accountants within the organization often perform internal audit reviewing the records a company used to prepare financial statements. Independent audits: an evaluation and unbiased opinion about the accuracy of a company"s financial statements conducted by public accountants.