MGTA02H3 Chapter Notes - Chapter 4: Financial Accounting, Financial Statement, Bookkeeping

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MGTA02H3 Full Course Notes
MGTA02H3 Full Course Notes
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Document Summary

accounting is a comprehensive information system for collecting, analyzing, and communicating financial information. It is a system for measuring business performance and translating those measures into information for management decisions. bookkeeping is just one phase of accounting the recording of accounting transactions. accounting also uses performance measures to prepare performance reports for owners, the public, and regulatory agencies. by sorting, analyzing, and recording thousands of transactions, accountants can determine how well a business is being managed and how financially strong it is. accounting information system (ais) is an organized procedure for identifying, measuring, recording, and retaining financial information so that it can be used in accounting statements and management reports. The controller is the one who manages all the firm"s accounting activities. as chief accounting officer, the controller ensures that the accounting system provides the reports and statements needed for planning, controlling, and decision- making activities.