BUSN 1101 Chapter Notes - Chapter 5: Certified Public Accountant, Chief Financial Officer, Forensic Accounting

• School: Northeastern University
• Department: Business Administration
• Course: BUSN 1101
• Professor: Bob Steere

Document Summary

Accounting: a comprehensive system for collecting, analyzing, and communicating financial information. Accounting information system (ais): organized procedure for identifying, measuring, recording, and retaining financial information for use in accounting statements and management reports. Business managers use it to develop goals and plans, set budgets, and evaluate future. Investors and creditors use it to estimate returns to stockholders, determine growth. Tax authorities use it to plan for tax inflows, determine the tax liabilities of individuals. Government regulatory agencies rely on it to fulfill their duties towards the public. Controller: (aka chief accounting officer) person who manages all of a firm"s accounting activities. Ensures that the ais provides the reports and statements needed for planning, decision making, and other management activities. Financial accounting: field of accounting concerned with external users of a company"s financial information (e. g. unions, stockholders, suppliers, creditors, etc. ) Prepare reports like income statement and balance sheets; focus on company as a whole.