BMGT 110 Chapter Notes - Chapter 17: Certified Public Accountant, Public Company Accounting Oversight Board, Institute Of Internal Auditors
3 Mar 2015
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Accounting- the recording, classifying, summarizing, and interpreting of financial events and transactions to provide management and other interested parties the information they need to make good decisions. Financial transactions examples: buying and selling goods and services, acquiring insurance, paying employees, and using supplies. Accounting systems- method to record and summarize accounting data into reports. Report financial information about the firm to interested stakeholders. Ex. employees, owners, creditors, suppliers, unions, community activists, investors, and the government (taxes) Managerial accounting- accounting used to provide information and analyses to managers inside the organization to assist them in decision making. Measuring and reporting costs of production, marketing, and other. Controlling- checking whether or not units are staying within their functions budgets. Designing strategies to minimize taxes (minimize net income on income statement) Certified management accountant (cma)- a professional accountant who has met certain educational and experience requirements, passed a qualifying exam, and been certified by the institute of certified.
