AFM131 Study Guide - Final Guide: Certified General Accountant, Sarbanes–Oxley Act, Accounting Scandals

• School: University of Waterloo
• Department: Accounting & Financial Management
• Course: AFM131
• Professor: Bob Sproule

Document Summary

Impossible to manage a business without being able to read, understand and analyze accounting reports and financial statements (which reflect a business"s health) Accounting is the recording, classifying, summarizing and interpreting of financial events which help evaluate financial condition and the operating performance. Managers and other stakeholders of a business use this information in order to make informed decisions. Financial total company, used by senior level managers and external users; reports historical results with comparatives; must be provided by all public companies; included in a company"s annual report. Compliance involves review and evaluation of accounting records both internally and externally; required of all public corporations; forensic accounting focuses on identifying a company"s fraudulent activities. Tax accounting tax returns(both federal and provincial) are required of all businesses; used to determine/confirm income tax and consumption tax - hst; based on an ever changing set of tax laws.