MGTA02H3 Chapter 4: Chapter 4.docx

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2 Apr 2012
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MGTA02H3 Full Course Notes
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MGTA02H3 Full Course Notes
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Accounting: a comprehensive system for collecting, analyzing, and communicating financial information. 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. Controller: the individual who manages all the firm"s accounting activities. Financial accounting system: the process whereby interested groups are kept informed about the financial condition of a firm. Documents focus on the company as a whole. Managerial accounting: internal procedures that alert managers to problems and aid them in planning and decision making. As projections and forecasts of both financial data and business activities, internal reports. Chartered accountant (ca): an individual who has met certain experience and education requirements and ahs passed a licensing examination; acts as an outside accountant for other firms. Certified general accountant (cga): an individual who has completed an education program and passed a national exam; works in private industry or a cga firms.