MGTA01H3 Chapter Notes - Chapter 4: Financial Statement, Financial Accounting, Management Accounting

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14 Apr 2013
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MGTA01H3 Full Course Notes
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Accounting: a comprehensive system for collecting, analyzing, and communicating financial information. -as such, it is a system for measuring business performance and translating those measures into information for management decisions. Bookkeeping: recording accounting transactions (it is just one phase of accounting) 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. -its job is to ensure there is consistent dependable financial information. -the system includes all the people, reports, computers, procedures, and resources for compiling financial transactions: there are numerous users of accounting information: Business managers: use accounting information to set goals, develop plans, set budgets, and evaluate future prospects. 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.

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