Textbook Notes (363,559)
Canada (158,426)
MGTA02H3 (361)
Chapter 4

Chapter 4 summary notes

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University of Toronto Scarborough
Management (MGT)
Chris Bovaird

MGTA04 Chapter 4 WHAT ISACCOUNTINGAND WHO USES IT? - accounting: a comprehensive system for collecting, analyzing, and communicating nancial information - bookkeeping: recording accounting transactions - accounting information system (AIS): an organized procedure for identifying, measuring, recording, and retaining nancial information so that it can be used in accounting statements and management reports - many users for accounting information: business managers, employees and unions, investors... WHOAREACCOUNTANTSAND WHAT DO THEY DO - Controller: The individual who manages all the rms accounting activities Financial and ManagerialAccounting - nancial accounting system: the process whereby interested groups are kept informed about the nancial condition of a rm (concerned with external users like consumers, union...) - helps ensure users can compare information from different or same company - information in such reports is mostly historical (occurred in past accounting periods) - managerial (management) accounting: internal procedures that alert managers to problems and aid them in planning and decision making - designed to aid in planning, they are forward looking rather than historical ProfessionalAccountants - Chartered accountants (CA): an individual who has met certain experience and education requirements and has passed a licensing examination; acts as an outside accountant for other rms - Certied general accountant (CGA): an individual who has completed an education program and passed a national exam; works in private industry or a CGArm - certied management accountant (CMA): an individual who has completed a university degree, passed a national examination, and completed a strategic leadership program; works in industry and focusses on internal management accounting Accounting Services - audit: an accountants examination of a companys nancial records to determine if it used proper procedures to prepare its nancial reports - forensic accountant: an accountant who tracks down hidden funds in business rms, usually as part of a criminal investigation - generally accepted accounting principles (GAAP): standard rules and methods used by accountants in preparing nancial reports - tax services are also performed to help clients with tax returns - management consulting services: specialized accounting services to help managers resolve a variety of problems in nance, production scheduling, and other areas PrivateAccountants - private accountant: an accountant hired as a salaried employee to deal with a companys day- to-day accounting needs 1 www.notesolution.com
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