RSM100Y1 Chapter Notes - Chapter 15: International Financial Reporting Standards, Institute Of Internal Auditors, Financial Statement
Document Summary
Accounting: the process of measuring, interpreting, and communicating financial information to support internal and external business decision making. Open book management: allowing employees to view financial information helps them to better understand how their work contributes to the company"s success. Provide important info to help managers deal w/ competitive & economic environments in which their companies do business. Help others understand / predict / react to social & cultural environments. Community volunteer income tax program (cvitp), organised by the cra, help. Canadians complete their provincial & federal tax returns. Provide necessary funds to start a business & expand it after it begins operating. Provide valuable assets that are needed to run a business. Focus on selling goods and services, but also view expenses as important elements of sound financial management. Public accountant: an accountant who provides accounting services to other organisations / firms for a fee. Most public accounting firms provide three basic services.
