Accounting is the establishing and maintaining of the entire accounting system, the interpreting of the results of the recorded data, and the assisting in the management or decision- making aspects of the organization. Thus, bookkeeping must be completed before accounting can take place. The students should be reminded of which activities are bookkeeping and which activities are accounting. At the end of the preparation of the trial balance, a major portion of bookkeeping has been completed. Students may be asked these questions and others.
Financial accounting is concerned with the preparation of financial statements.
Management accounting is concerned with decision making and the preparation of special reports to be used in making those decisions. All three types of accounting are described within modules 1 - 13. Students may consider Aboriginal businesses and their forms of organization. Emphasize that the forms of business ownership are the same for all businesses. Status and Treaty Indians may determine their form of business ownership based on tax exemptions and benefits provided through the Indian Act .