Ch. 16 (2) Flashcards
what is an annual report?
a yearly of the financial condition, progress, and expectations of an organization
annual reports are required …
by law for the shareholders of all public corporations
Annual Report: what is section 1? describe two items in section 1
non-financial. a letter to shareholders from the chairperson and CEO and, descriptions of the company’s management philosophy
Annual Report: describe the last to items in section 1
products, successes and occasionally failures and, exciting prospects and challenges for the future
Annual Report: what is section 2? describe two items from section 2
financial. summarized financial data and, management’s discussion and analysis covering financial condition and results of operations
Annual report: describe the last three items in section 2
the basic financial statements, notes to the financial statements and report of independent accountants and the management report
managerial accounting provides …
information and analysis to managers inside the organization to assist them in decision making
list the first two things managerial accounting is concerned with
measuring and reporting costs of production, marketing, and other functions and, preparing budgets (planning)
list the last two things managerial accounting is concerned with
checking whether or not business units are staying within budget (controlling) and, designing strategies to minimize taxes
define “auditing”
reviewing and evaluating the records used to prepare a company’s financial statements
audits are required for …
all public corporations in Canada whose shares are traded in a public stock exchange
federal and provincial governments require …
submission of tax returns that must be filed at specific times and in a precise format
a tax accountant is …
trained in tax law and is responsible for preparing tax returns or developing tax strategies
the different levels of government require …
an accounting system that satisfies the needs of their information users
the primary government accounting information are … (4)
citizens, special interest groups, legislative bodies, and creditors
the primary users of government accounting info want to ensure …
that the government is fulfilling its obligations and making the proper use of taxpayers’ money
not-for-profits organizations have growing needs for … since …
trained accountants, contributors to non-profits want to see exactly how and where the funds they contribute are being spent
list the three types of public accountants
auditing, tax consulting and compliance and, management consulting
list the three types of private accountants
management accounting, government accounting, and academic
many organizations employ private accountants, who work for … (3)
a single firm, government agency, or non-profit organization
a public accountant is …
an accountant who provides their services to individuals or businesses on a fee basis
