RSM100Y1 Chapter Notes - Chapter 15: Accounting Information System, Tax Preparation In The United States, Financial Statement
Document Summary
People inside and outside the corporation use the information in financial statements. Owners, shareholders, potential investors, creditors investment decisions. Government agencies tax liabilities, approve shares and bonds. Open book management: the belief of allowing employees to view financial information to help them better understand how their work contributes to the company. Business activities involving accounting: investing providing valuable assets needed to run the business, operating selling the goods and services that the business makes, financing how the business gets money. Provides accounting services to businesses or individuals firms for a fee. They provide these 3 basic services: auditing or examining financial records, tax preparation, planning and related services, management consulting. They provide unbiased service as they are not members of the company itself. Cpa chartered professional accounts, are the most recognized accountants. An accountant that is employed by a business other than a public accounting firm.
