MGTA04 Chapter 3.docx
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MGTA04 Chapter 3: Understanding Accounting Issues
What is Accounting and Who Uses it
Accounting : a comprehensive system for collecting, analyzing and communicating financial
Book keeping: recording accounting transactions
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
Used by business managers, employees and unions, investors and creditors, taxing authorities,
government regulatory agencies, etc.
Who are accountants and what do they do
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