BUSI 1800 Chapter Notes - Chapter 16: Certified Management Accountants Of Canada, Bookkeeping, A Question Of Balance
13 Sep 2018
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Financial transaction: including buying and selling goods and services, acquiring insurance, paying employees, and using supplies. Accounting system: the method used to record and summarize accounting data into reports. Accounting disciplines: managerial accounting, financial accounting, auditing, tax accounting, government and non-profit accounting. Financial accounting: accounting information and analyses prepared for people outside the organization. Information goes not only to company owners, managers, and employers, but also creditors and lenders, unions, customers, suppliers, government agencies, and the general public. Private accountant: an accountant who works for a single firm, government agency, or non-for- profit organization. International financial reporting standards (ifrs): the common set of accounting principles, standards, and procedures that accountants and companies use to compile financial statements: publically traded companies required to use ifrs while private companies can follow. Ifrs or another set of standards called aspe (accounting standard for private enterprises)
