MGMT 1000 Chapter Notes - Chapter 14: Double-Entry Bookkeeping System, Financial Statement, Tax Avoidance

• School: University of Guelph
• Department: Management
• Course: MGMT 1000
• Professor: Trent Tucker

Document Summary

Accounting- a comprehensive system for collecting, analyzing, and communicating financial information, a system for measuring business performance. Accountants keep records of such transactions as taxes paid, income received, and expenses incurred. Accounting information system (ais)- a procedure for identifying, measuring, recording and retaining financial information so that it can be used in statements and reports. Users of accounting information- business managers, employees and unions, investors and creditors, the authorities, government regulatory agencies. Individual who manages all the firms accounting activities is called controller . Financial is concerned with external users information, ie: consumer groups, unions , shareholders and government agencies, prepares income statements and balance sheets, focus on the company as a whole rather than individual departments. Managerial accounting serves internal users and the companies individual units. Three types of professional accountants, chartered accountants(ca), certified general accountants(cga), certified. Ca, must meet certain education requirements and acts as an outside accountant for other firms.