Textbook Notes (368,122)
Canada (161,660)
Management (848)
MGM102H5 (200)
Chapter 10

chapter 10.docx

2 Pages
Unlock Document

Dave Swanston

UnderstandingAccounting and Financial Information Chapter 10 – pg 200 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 Private Accountant: an accountant who works for a single firm, government agency, or non profit organization Public Accountant: An accountant who provides his/her accounting services to individuals or businesses on a fee basis Forensic Accounting: relatively new area of accounting that focuses its attention on fraudulent activity Compliance: job of reviewing and evaluating the records used to prepare a company’s financial statements Independent Audit: an evaluation and unbiased opinion about accuracy of company’s financial statements Accounting Cycle: 6 step procedure that results in preparation an analysis of 2 major financial statements: the balance sheet and income statement Bookkeeping: recording business transaction Journal: record book or computer program where accounting data are first entered Double-entry bookkeeping: concept of every business transaction affecting at least 2 accounts Accounts: different types of assets, liabilities and owner’s equity Fundamental accounting equation: assets = liabilities + owner’s equity Ledgers: specialized accounting book in which information from accounting journals ins accumulated into accounts and posted so hat managers can find all of the information about specific account in one place Trial Balance: summary of all of data in the account ledgers to show whether the figures are correct and balanced Computerized Accounting Programs - post information from journals instantaneously so that financial information is readily available whenever organization needs it Financial Statement: summary of all of the tra
More Less

Related notes for MGM102H5

Log In


Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.