ECON 1 Chapter Notes - Chapter 2: Certified Public Accountant, White-Collar Crime, Internet Fraud
1 Oct 2018
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Document Summary
Accounting: a comprehensive system for collecting, analyzing and communicating financial information to a firms owners or employees, the public, and regulatory agencies, acc keep records of taxes paid, income received, and expenses incurred (bookkeeping) Bookkeeping: acc keep records of taxes paid, income received, and expenses incurred, helps determine how well a business is being managed and its overall financial strength. Accounting information system: organized procedure for identifying, measuring, recording, and retaining financial information for use in accounting statements and management reports, all ppl, computers, reports, procedures, and resources needed to compile a financial transaction. Controller: person who manages all of a firms accounting services (cao, make sure ais provides reports & statements needed for planning & decision making. Financial accounting: concerned with external users of a companies info, ex: stockholders, consumers, unions , prepares statements (balance sheet ) abt company as a whole rather than specific departments.
