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What is Accounting?

What is Accounting?. Accounting 10 . Accounting is…. The process of recording, classifying, reporting and interpreting the financial data of an organization. The language of business. A Record of past information. Recording the same information in different ways. Accounting is systematic.

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What is Accounting?

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  1. What is Accounting? Accounting 10 Accounting 10 | Objectives 1.1, 1.2, 1.3, 1.4

  2. Accounting is…. • The process of recording, classifying, reporting and interpreting the financial data of an organization. • The language of business. • A Record of past information. • Recording the same information in different ways. • Accounting is systematic. • Expressed in monetary terms.

  3. Why Study Accounting? • Accounting as a job • Many jobs require accounting skills and knowledge. • Owning your own business • The ability to keep accurate records and analyze them is a necessary part of running a business. • Daily Life • An accounting background helps you understand the business world and handle your own day to day finances.

  4. Jobs in Accounting • Accountants • People who plan, summarize, analyze and interpret accounting information. • Bookkeepers • People who do general accounting work plus some summarizing and analyzing. • Accounting Clerks • People who record, sort and file accounting information. • General Office Clerks • People who do general kinds of office tasks, including some accounting tasks.

  5. Promotions in the Accounting World

  6. Accounting vs. Bookkeeping

  7. Accounting as a Professional Career • There are many routes you could take while you study accounting. They include: • Chartered Accountant • Certified General Accountant • Certified Managerial Accountant

  8. Chartered Accountants • Chartered Accountants, or CAs, are business professionals who generally work in four key areas.  About 40% of CAs are in Public Practice, while the other 60% are employed in industry, government, or education.

  9. Certified General Accountant • Certified General Accountants (CGAs) are a select group of professional accountants working in leadership roles in Canada and beyond.CGAs are certified by the Certified General Accountants Association in their home province. Members in good standing with each provincial or territorial Association are licensed to practice in their respective provincial jurisdictions. CGAs perform or are involved in the following:

  10. Certified Management Accountant • Certified Management Accountants (CMAs) do more than just measure value—they create it. Working in organizations of all sizes and types, CMAs provide an integrating perspective to business decision-making, applying a unique blend of expertise in accounting, management and strategy to identify new market opportunities, ensure corporate accountability, and help organizations maintain a long-term competitive advantage. CMAs have the following duties

  11. Types of Accounting

  12. Types of Accounting • Financial Accounting • Concerned with the preparation of financial statements from past information. • Cost Accounting • Analyzing how money is spent. • Managerial Accounting • Making decisions for the future.

  13. Types of Accounting • Example- if a company buys a new truck, does it record the purchase price with or without tax (cost accounting)? After five years, does it spend $4,000 on repairs, or does it sell the truck (management accounting)? What amount has been reported on the financial statements for the truck in the last five years (depreciation—financial accounting)?

  14. Generally Accepted Accounting Principles • The rules that make up acceptable accounting practices are referred to as, Generally Accepted Accounting Principles (GAAP). The responsibility for setting for setting accounting principles is determined by many individuals and groups.

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