MGTA01H3 Chapter Notes - Chapter 4: Certified General Accountant, Financial Transaction, Financial Statement

• School: UTSC
• Department: Management
• Course: MGTA01H3
• Professor: Chris Bovaird

Document Summary

Accounting a comprehensive system for collecting, analyzing, and communicating financial information. System for measuring business performance and translating those measures into information for management decisions. Accounting uses performance measures to prepare performance owners, the public, and regulatory agencies. Can determine how well a business is being managed and how financially strong it is. Accounting information system an organized procedure for identifying, measuring, recording, and retaining financial information so that it can be used in accounting statements and management reports. Controller the individual who manages all the firm"s accounting activities. Two fields of accounting financial and managerial can be distinguished by the different users they serve. Convenient to classify users of accounting information as users outside that company and users inside the company: same distinction allows us to categorize accounting systems as either financial or managerial. Financial accounting system the process whereby interested groups are kept informed about the financial condition of a firm: consumer groups, unions, shareholders, and government agencies.