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BAF3M Accounting

BAF3M Accounting. Unit 1: Intro to Accounting 1.A: Accounting and Business. First. Some Common Abbreviations used throughout this course …. B/S – Balance Sheet A – Assets L – Liabilities OE – Owner’s Equity A/R – Accounts Receivable A/P – Accounts Payable TB – Trial Balance

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BAF3M Accounting

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  1. BAF3M Accounting Unit 1: Intro to Accounting 1.A: Accounting and Business

  2. First • Some Common Abbreviations used throughout this course …..

  3. B/S – Balance Sheet • A – Assets • L – Liabilities • OE – Owner’s Equity • A/R – Accounts Receivable • A/P – Accounts Payable • TB – Trial Balance • I/S – Income Statement

  4. Biz/Bus – Business • Org’n – Organization • Rec’d – Received • Eq’n – Equation • Stmt – Statement • Mgmt - Management

  5. 1.1 What is Accounting • “Accounting” – is a system of dealing with financial information that provides information for decision making • Accounting has 5 main activities

  6. 1.1 What is Accounting • They are: (p. 1) • 1. gathering financial information • 2. preparing and collecting permanent records • 3. rearranging, summarizing and classifying financial information • 4. preparing information reports and summaries • 5. establishing controls to promote accuracy

  7. 1.2 Why Study Accounting? • Accounting can be useful to you: • On the job • In daily life (budgeting, taxes) • Owning your own business (entrepreneurship) • As a profession (CA, CGA, CMA) • Complexity of business

  8. 1.3 Characteristics of Business • A business involves the manufacture and/or sale of goods or services in order to earn a profit. • They generally fit into one of four categories: • Service Business • Merchandising Business • Manufacturing or Producing Business • Non-Profit Organization Use p.4-5 to help you describe each

  9. 1.3 Characteristics of Business

  10. 1.3 Characteristics of Business • Forms of Business Ownership • 3 basic types • Sole Proprietorship • Partnership • Corporation (or “Limited” company) We will be working mostly with sole proprietorships, until about Chapter 13.

  11. 1.3 Characteristics of Business

  12. 1.4 The Nature of Accounting • Categories of Accounting Work • 3 Main Categories • Routine Daily Activities • Periodic Accounting Activities • Miscellaneous Activities

  13. 1.4 The Nature of Accounting

  14. 1.5 Becoming a Professional • 3 National Accounting Organizations • CGA (Certified General Accountant) • CMA (Certified Management Accountant) • CA (Chartered Accountant)

  15. 1.6 Roles of Accounting • The Accounting Clerk (aka “Bookkeeper”) • Work is clerical in nature, deals mostly with routine matters • The Accountant • Broader scope of duties, requires more education and experience, usually responsible for an entire accounting system See p.8 for more job details for each

  16. End of Chapter Section NOTE: Each chapter section has two sets of activities at its conclusion: “questions” and “exercises” – also there is a section at the chapter’s end with “chapter review” questions and exercises Chapter 1 is so short that it only has the “chapter review” questions… So to review Ch 1’s content, we’ll try Ch1 Review Q’s: #2, 3, 4, 17 Ch1 Review Ex’s: #1, 3

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