MGMT 1 Chapter Notes - Chapter 17: Asset, Accounting Software, Trial Balance
Document Summary
Accounting : recording, classifying, summarizing, and interpreting of financial events and transactions in an organization to provide management & other parties financial info needed to make decisions about its operation. Transactions: buying/ selling goods and services, acquiring insurance, paying employees, using supplies. Accounting system : method used to record and summarize accounting data into reports. Purpose: help managers make well-informed decisions, report financial info. Divided into 5 key working areas: managerial accounting, financial accounting, auditing, tax accounting, governmental and not-for-profit accounting. Managerial accounting : provides info & analysis to managers inside organization to assist them in decision making. Certified management accountant (cma) : professional accountant who has met certain educational & experience requirements, passed exam, certified by institute of certified. Financial info & analyses generated are for people outside organization. Company owners, managers, employees, creditors, lenders, employee unions, customers, suppliers, etc. Annual report : yearly statement of financial condition, progress, expectations of organization.
