AFM 131 Chapter 16 Notes - AFM 131 Chapter 16 The role of...

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AFM 131 Chapter 16 The role of accounting Accounting is the recording, classifying, summarizing and interpreting of financial information - Used to help users make decisions (government, managers, investors) Managerial accounting is accounting that is used for people within a firm/ organization Financial Accounting is accounting prepared for people outside of the firm Organization through annual reports Compliance is the job of reviewing and evaluating the records used to prepare financial statements. - Some types include: - Independent audit: audit done by someone free of bias of the firm - Forensic accounting: is accounting that analyzes financial records to gather evidence for legal work Tax accountant: an accounting trained in tax law and is responsible for preparing tax returns and developing tax strategies Private Accountant: an accountant that works for a single firm/ government agency/ organization Public accountant: An accountant who provides his or her accounting services to individuals or business Accounting Designations Chartered Accountant: a person who has met the educational and experience requirements of the CICA Chartered management accountant: One who has met the educational and experience requirements of the society of management accountants
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