Textbook Notes (368,217)
Canada (161,710)
MGTA02H3 (363)
H Laurence (23)
Chapter 4

Chapter 4.docx

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Department
Management (MGT)
Course
MGTA02H3
Professor
H Laurence
Semester
Winter

Description
MGTA04 Chapter 4 Understanding Accounting IssuesAccounting a comprehensive system for collecting analyzing and communicating financial information Bookkeeping recording accounting transaction 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 Uses of Accounting InformationBusiness management Employees and unions Investors and creditors Taxing authorities Government regulatory agencies 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 a firm Documents focus on the company as a whole Historical prices Managerial Accounting internal procedures that alert managers to problems and aid them in planning and decision making Serves the companys individual unitsAs 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 Certified Management Accountant CMA an individual who has completed a university degree passed a national examination and completed a strategic leadership programs works in industry and focuses on internal management accountingAudit an accountants examination of a companys financial records to determine if it used proper procedures to prepare its financial reports Forensic accountant an accountant who tracks down hidden funds in business firms usually as part of a criminal investigation Generally accepted accounting principles GAAP standard rules and methods used by accountants in preparing financial reports
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