MGTA02H3 Chapter Notes - Chapter 8: Financial Statement, Time Series, Balance Sheet
University Of Toronto Scarborough (UTSC) Date: March 5, 2018
Course: MGTA02 (Winter)
Professor: Chris Bovaird
Shahriyar Safavi
Week 8 – Managing Information
Terminology
1. Data: A collection of raw facts and figures
2. Information: Data that has been structured or put into context so that it becomes useful
to people.
3. Knowledge: The accumulation of understandings and experience, to use information to
form judgements and make decisions.
4. Management information system (MIS): Any system for collecting data that can be
organised in such a way that It produces information of use to the managers of a
business.
5. Information System: Any system that allows people to record and store data, to
organise the data into useable form, and then transmit information to the people who
need it.
6. Information Technology: Any technology that allows managers to collect, record, store
and organise data.
7. Information age: The period since the 1970’s when the development of affordable
personal computers, allowed large quantities of data to be assembled, stored and
manipulated by the average person.
8. Moore’s Law: The observation that the amount of data that can be recorded, stored
and analyzed by information technology doubles every two years.
9. Data Analysis: Any operation that organises data into a form that is useful to the user.
10. Accounting: The system for collecting, analysing and communicating financial
information.
11. Accountants: Individuals trained how to collect, organise and present financial data.
12. Management Accounting: The collection, organisation and presentation of financial
information of interest to managers within the business. Management accounting is
intended to tell internal users about the business’ performance and problems, for
planning, decision making and control purposes.
13. Management Accounting: The collection, organisation and presentation of financial
information of interest to managers within the business.
14. Financial Accounting: The collection, organisation, and presentation of financial
information of interest to the public, concerning the performance and financial
condition of the business as a whole.
15. Fiscal Year: A business’ operating year for financial accounting purposes especially for
the payment of taxes.
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Document Summary
University of toronto scarborough (utsc) date: march 5, 2018. Terminology: data: a collection of raw facts and figures. Information system: any system that allows people to record and store data, to organise the data into useable form, and then transmit information to the people who need it. Information technology: any technology that allows managers to collect, record, store and organise data. Ensure that statements are records comply with laws and regulations. Compute taxes owed, prepare tax returns, ensure prompt payment: organize and maintain financial records. Tells internal users about performance and problems, for planning, decision making and control purposes. Tends to look at individual products, plants or divisions. Tells external users about: financial condition and financial performance. Financial accounting info collected on an annual basis. Accountants help businesses plan and prepare annual tax returns. Accountants ensure taxes payments comply with the law. Owner"s choose start/end of financial year known as fiscal year.
