Textbook Notes (367,753)
Canada (161,369)
MGTA02H3 (363)
Chapter 4

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Department
Management (MGT)
Course
MGTA02H3
Professor
Chris Bovaird
Semester
Summer

Description
MGTA04 – 2009 Chapter 4 - Understanding Accounting (1) Outline of Lecture - Key Points What accountants do Who uses accounting info Two kinds of accounting info: 1. financial accounting 2. managerial accounting Generally Accepted Accounting Principles Financial statements 1. balance sheet 2. income statement Intro Some articles from (2 Dec, 2006) Globe & Mail Warner Music Group said yesterday it swung into profit in the fourth quarter, but its results fell short of expectations. Profit totalled $12-million (U.S.), or 8 cents a share, for the three months ended Sep. 30, compared with a loss of $30 million or 21 cents a year ago. Revenue fell 6 per cent to $854-million. and Embattled Ford Motor Co. slipped another notch last month as its slaes fell an unexpected 10 per cent in the U.S. market, and Toyota Motor Corp. surpassed it on a monthly basis for the second time this year. The gloom out of Detroit was disipated in Canada as sales in this country rose 3 per cent last month. Who cares? Board of Directors: Reward (or correct) Management Shareholders: Buy more, or sell, shares? Bankers: Will the loan will be repaid? Employees: Will I receive profit sharing? Government: How much tax is owing? but mostly, Managers: How am I doing? Statisticians, economists, Governments, academics, and - mostly - managers need to know how well a business is performing, and whether it is financially sound. There are millions of Canadian business enterprises, creating hundreds of thousands of products and services, in hundreds of industries, i
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