RSM100Y1 Chapter Notes - Chapter 15: International Accounting Standards Board, International Financial Reporting Standards, Accounting Information System
14 Mar 2016
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Document Summary
Accounting is the process of measuring, interpreting, and communicating financial information to enable people inside and outside the firm to make informed decisions. To evaluate operations of the firm to make investment decisions. To approve new issues of stocks and bonds: financing activities provide necessary funds to start a business and expand it after it begins operating. Investing activities provide valuable assets that are needed to run a business. 2: operating activities focus on selling goods and services, but they also view expenses as important elements of sound financial management. A public accountant provides accounting services to individuals or business firms for a fee. Most public accounting firms provide three basic services to clients i. ii. iii. An accountant who is employed by a business other than a public accounting firm is called a management accountant. A management accountant collects and records financial transactions and prepares financial statements used by the firm"s managers in decision-making.
