Accounting%2BI - Accounting Accounting Whatisaccounting...

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Accounting Introduction to Accounting and the  Accounting Profession
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Accounting What is accounting Financial and managerial accounting Professional accreditation Accounting services Basics of the accounting process
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Accounting What is accounting? A management information system For collecting, analyzing and communicating  financial information
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Accounting What is accounting? System for dealing with and recording the  flow of money day to day in the business –  bookkeeping System for measuring business performance  and preparing reports so that managers can  manage the business
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Accounting What is accounting? Reports by accountants go to: Business managers Shareholders who own the business Investors and market analysts Creditors Taxing authorities Regulatory bodies
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Accounting Financial and Managerial Accounting Financial accounting Reports for external users Financial statements for the business as a  whole Reports for securities regulators, other  government agencies, shareholders and  potential investors Historical data – what has already happened
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Accounting Financial and Managerial Accounting Managerial Accounting Reports for internal users Reports for managers of various business units,  breaking down the business for that manager Both historical data and projections Budgets and budget comparisons
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Accounting Financial and Managerial Accounting Both kinds of reporting follow standard  accounting practices But internal reports can be more flexible, and  more tailored to the requirements of  managing the finances of part of the  business
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Accounting
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This note was uploaded on 05/22/2010 for the course MGT MGTA04 taught by Professor Bovaid during the Spring '10 term at University of Toronto.

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Accounting%2BI - Accounting Accounting Whatisaccounting...

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