Textbook Notes (369,141)
Canada (162,412)
MGTA02H3 (363)
Chapter 4

Chapter 4 summary notes

4 Pages

Management (MGT)
Course Code
Chris Bovaird

This preview shows page 1. Sign up to view the full 4 pages of the document.
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
More Less
Unlock Document

Only page 1 are available for preview. Some parts have been intentionally blurred.

Unlock Document
You're Reading a Preview

Unlock to view full version

Unlock Document

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.