MGM102H5 Lecture Notes - Lecture 5: Financial Statement
Document Summary
Importance of accounting: to succeed in business, you have to know the basics of accounting, know how the accounts are being kept. Its impossible to run a business with out being able to read the reports, financial statements etc. Accounting and financial information: managers: financial reports pinpoint problems/ opportunities, governments: assists with tax collection. Investors, suppliers, and creditors provides to analyze business. Areas of accounting: managerial accounting, financial account, compliance (auditing, tax, government and non-for-profit. Accounting designations: cpa is the new one as they try to unite all of the 3 together to keep consistency. Forensic accounting: relatively new area of accounting that focuses on fraud.
