MGTA02H3 Chapter 4: Chapter 4
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MGTA02H3 Full Course Notes
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Document Summary
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. business m anagers use accounting information so that it can be used in accounting statements and management reports. 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. Taxing au thorities use accounting information to plan for tax inflows, to determine the tax liabilities of individuals and businesses, and to ensure that correct amounts are paid in a timely fashion. 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 firm.
