RSM100Y1 Lecture Notes - Inventory Turnover, Return Ratio, Revenue Recognition
Document Summary
Chapter 14 accounting: 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 managements report. Financial accounting system: concerned with external users of information- consumer groups, unions, shareholders, and government agencies. I t prepares and publishes income statements and balance sheets at regular interval. All documents focus on the company as a whole rather individual departments. Managerial accounting: internal procedures that alert managers to problems and aid them in planning and decision-making. Reports to these users serve the company"s individual units, whether departments, projects etc. As projections and forecast of both financial data and business activities. Forensic accountant: tracks down hidden funds in business, usually as part of a criminal investigation: management consulting services: specialized accounting services to help managers resolve a variety of problems in fianc , production scheduling, etc.
