Textbook Notes (378,582)
CA (167,184)
UTSC (19,212)
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MGTA02H3 (363)
Chapter 4

Chapter 4 - Study Guide

3 Pages
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Department
Management (MGT)
Course Code
MGTA02H3
Professor
Chris Bovaird

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Chapter 4
Accounting: a comprehensive system of collecting, analyzing, and communicating
financial information
Purpose:
Measure business performance (e.g. $ sales, expenses, profits or losses, taxes)
Translate this info so managers (and others) can make decisions
Bookkeeping: 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 managerial reports
Controller: the individual who manages all the firms accounting activities
Financial accounting system: the process whereby interested groups are kept informed
about the financial condition of a firm. Tells external users about financial condition of
firm. Tends to look at business as a whole.
Managerial (management) accounting: internal procedures that alert managers to
problems and aid them in planning and decision making. Tells internal users about
performance and problems, for planning, decision making and control purposes. Tends to
look at individual products, plants or divisions.
Audit: an accountants examination f a companys financial records to determine if it used
proper procedures to prepare its financial reports
Management Consulting Services: Specialized accounting services to help managers
resolve a variety of problems in finance, production scheduling, and other areas
Goodwill: the amount paid for an existing business beyond the value of its other assets
Paid-in-capital: any additional money invested in the firm by the owners
Cost of Goods Sold: any expense directly involved in producing or selling a G/S during a
given time period
Budget: a detailed financial plan for estimated receipts and expenditures for a period of
time in the future, usually one year
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Description
Chapter 4 Accounting: a comprehensive system of collecting, analyzing, and communicating financial information Purpose: Measure business performance (e.g. $ sales, expenses, profits or losses, taxes) Translate this info so managers (and others) can make decisions Bookkeeping: 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 managerial reports Controller: the individual who manages all the firms accounting activities Financial accounting system: the processwhereby interested groups are kept informed about the financial condition of a firm. Tells external users about financial condition of firm. Tends to look at business as a whole. Managerial (management) accounting: internal procedures that alert managers to problems and ai
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