Textbook Notes (368,434)
Canada (161,878)
MGTA02H3 (363)
Chapter 4

Chapter 4

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

Description
Ch.4 Accounting a comprehensive system for collecting, analyzing, and communicating financial information Book keeping recording accounting transactions Accounting information system (AIS) an organized procedure for identifying, measuring, recording, and retaining financial information so that it can be used in accounting statements and management reports Business managers use accounting information so that it can be used in accounting statements and management reports Employees and unions use accounting information to get paid and to plan for and receive such benefits as health care, insurance, vacation time, and retirement pay Taxing authorities use accounting information to plan for tax inflows, to determine the tax liabilities of individuals and businesses, and to ensure that correct amounts are paid in a timely fashion Government regulatory agencies rely on accounting information to fulfill their duties; the provincial securities commissions, for example, require firms to file financial disclosures so that potential investors have valid information about a companys financial status Controller the individual who manages all the firms accounting activities Financial accounting system the process whereby interested groups are kept informed about the financial condition of firm Managerial (management accounting) - internal procedures that alert managers to problems and aid them in planning and decision making 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 firms Certified general accountant (CGA) an individual who has completed an education www.notesolution.com
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