Textbook Notes (378,302)
CA (167,125)
UTSC (19,207)
MGT (1,095)
MGTA02H3 (363)
Chapter 4

Chapter 4 Management Information Sysytem

4 Pages
46 Views

Department
Management (MGT)
Course Code
MGTA02H3
Professor
Chris Bovaird

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Chapter 4
Accounting: system for collecting, analyzing and communicating financial information
measure business performance, then transform as information for decision making
Bookkeeping: recording accounting transaction
Accounting information system: procedure for identify, measure, record, retain financial
information, use in accounting statement and management report
manager: set goal and budget, develop plan, future
employee: paid and planned, receive benefit
investor and creditor: estimate return for stockholder, determine growth prospect, if is good credit
risk
taxing authorities: tax inflow, tax liabilities, ensure correct amount
government regulatory agencies: duties, provincial securities commission
Controller: manage all firms accounting activities
Financial accounting system: kept inform about financial condition of a firm
external user (consumer, government): focus activities of company as a whole (not individual
department)
historical
Managerial accounting: internal procedure alert manager to problem and aid by planning and
decision making
report in individual unit
distinguish FA and MA by different user they serve
not historical, forwarding looking
Professional Accountant
·chartered accountant (CA): certain experience and education requirement, licensing exam,
outside accountant for other firm
focus on external financial report
·certified general accountant (CGA): education, exam, work in private industry/CGA firm
focus on external, use computer as tool
·certified management accountant (CMA): university, exam, strategic leadership, work in
industry
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Description
Chapter 4Accounting system for collecting analyzing and communicating financial informationmeasure business performance then transform as information for decision makingBookkeeping recording accounting transactionAccounting information system procedure for identify measure record retain financial information use in accounting statement and management reportmanager set goal and budget develop plan futureemployee paid and planned receive benefitinvestor and creditor estimate return for stockholder determine growth prospect if is good credit risktaxing authorities tax inflow tax liabilities ensure correct amountgovernment regulatory agencies duties provincial securities commissionController manage all firms accounting activitiesFinancial accounting system kept inform about financial condition of a firmexternal user consumer government focus activities of company as a whole not individual departmenthistoricalManagerial accountinginternal procedure alert manager to problem and aid by planning anddecision makingreport in individual unitdistinguish FA and MA by different user they servenot historical forwarding lookingProfessional Accountantchartered accountant CA certain experience and education requirement licensing exam outside accountant for other firmfocus on external financial reportcertified general accountant CGA education exam work in private industryCGA firmfocus on external use computer as toolcertified management accountant CMA university exam strategic leadership work in industrywwwnotesolutioncom
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