MGTA02H3 Chapter 4: Chapter 4 Study Guide
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MGTA02H3 Full Course Notes
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Accounting: a comprehensive system for collecting, analyzing, and communicating financial information. Measures business performance; measures are converted into information for management decisions. Uses performance measures to prepare performance reports for owners, the public, and regulatory agencies. Keep records of taxes paid, income received, and expenses. They analyze the effects of these transactions on business activities. Analyzing and sorting transactions can help determine how well a business is being managed and how financially strong it is. Accounting system can provide distorted results which can cause problems for owners and managers. 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. Includes all the people, reports, computers, procedures, and resources for obeying financial transactions. The head of the ais is the controller. Ensures that the as provides the reports and statements needed for planning. The two main fields of accounting are financial and managerial www. notesolution. com.