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MGTA02H3 (363)
Chapter 4

MGTA04- Chapter 4 - Class 5 and 6.docx

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Management (MGT)
Bill Mc Conkey

MGTA04 Class 56 February 916 2012 CHAPTER 4 UNDERSTANDING ACCOUNTING ISSUESACCOUNTINGA comprehensive system for collecting analyzing and communicating financial informationBookkeeping recording accounting transactionsAccounting Information Systems AIS an organized procedure for identifying measuring recording and retaining financial information so that it can be used in accounting statements and management reportsUsers of Accounting Info Business managers use acctg info to set goals develop plans set budgets and evaluate future prospectsEmployees and unions use acctg info to paid and to plan for and receive such benefits ex Health care insurance vacation time and retirement payInvestors and Creditors to estimate returns to stockholders to determine a companys growth prospects and to decide if the company is a good credit risk before investing or lendingTaxing authorities plan for tax inflows to determine tax liabilities of individuals and businesses and to ensure that correct amounts are paid in a timely fashionGovernment regulatory agencies fulfill their duties the provincial securities commissionsrequire firms to file financial disclosures so that potential investors have valid info about a companys financial statusACCOUNTANTS AND WHAT THEY DOAt the head of the AIS is the controller who manages all the firms accounting activitiesTwo main fields of acctg financial and managerialFinancial Accounting system the process whereby interested groups are kept informed about the financial condition of a firmExternal Users Documents focus on the activities of the company as a whole rather than on individual departments or divisions Information in such reports are mostly historical summarizes financi
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