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EXPLORING BUSINESS

EXPLORING BUSINESS. http://simulator.investopedia.com/Ranking/#axzz1flNPu2Sb Unit 6: Accounting Part 1: Introduction to Accounting. Prepping you for the Next Step!. CCRS Standards Math (28)- Solve word problems containing several rates, proportions, or percentages

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EXPLORING BUSINESS

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  1. EXPLORING BUSINESS http://simulator.investopedia.com/Ranking/#axzz1flNPu2Sb Unit 6: Accounting Part 1: Introduction to Accounting

  2. Prepping you for the Next Step! CCRS Standards • Math (28)-Solve word problems containing several rates, proportions, or percentages • Math (33) - Draw conclusions based on a set of conditions • English – (28)Understand implied or subtly stated cause-effect relationships in more challenging passages

  3. Careers in Accounting • Accountants are found in every field! • John Grisham (Author) – Undergraduate degree in Accounting • Arthur Blank (CPA) – Owner of Atlanta Falcons and co-founder of Home Depot • Phil Knight (CPA) – Founder and President of Nike • Chairs of several Fortune 500 companies are CPA’s. • Thomas Pickard (CPA) - #2 Man at FBI. • Nearly 1,400 of the FBI’s special agents are accountants

  4. What is Accounting? • : the process of recording and reporting financial events, or transactions. • Every event or transaction having a financial impact on the business must be analyzed and recorded.

  5. What is Accounting? • Accounting is more than numbers. • Accounting includes databases of your customers, your vendors, and your employees. • Accounting will help you track your business and plan your future. • With proper accounting in business, you might discover sales trends, or learn that you can plan a month long sales trip! • Road Trip Example • http://www.youtube.com/watch?v=sCH7u1xHsX0

  6. Why Accounting is Important • Skills you will learn in Accounting Class: • Communication Skills • Pay Attention to Details • Improve Problem Solving Abilities • Evaluate Your Own Work • Interpret Data • Understand Basics of Business

  7. Role of Accounting • Often called “Language of Business” • It is a standard means of communicating financial information in a form that is clearly understood by everyone interested in the operations and financial condition of the business. • http://www.ehow.com/video_4756381_why-do-we-need-accounting.html

  8. Basis of Accounting • Accounting consists of many rules and procedures. • Each business sets up its accounting system according to specific needs. • ALL businesses follow the same basic rules and procedures. • GAAP: Generally Accepted Accounting Principles.

  9. Why It Is Important! • In any job or business you will need an understanding of accounting to make the right business decisions. • By taking Accounting, you will benefit in ANY job – • Travel Agent, Business Owner, Lawyer, Nurse, Veterinarian, Construction • Accounting Video

  10. Careers in Accounting • Public Accountant: provide financial services to clients on a fee basis. • CPA: Certified Public Accountant • Must pass a rigorous examination. • Managerial Accountant: expected to prepare and explain financial reports for a business. • Most earn undergraduate degree in Accounting. And pass CPA or CMA.

  11. EXPLORING BUSINESS Unit 6: Accounting “The Accounting Equation”

  12. ACCOUNTING CONCEPT • Business Entity: A business owner must keep private and business expenses in different accounts.

  13. THE ACCOUNTING EQUATION • Assets = Liabilities + Owner’s Equity

  14. ASSETS IN ACCOUNTING • :Anything of value that is owned by a business. • Examples include: • Cash • Supplies • Prepaid Insurance • Accounts Receivable • Your customers that “Bought On Account”

  15. LIABILITIES IN ACCOUNTING • :an amount owed by a business • Examples: • Accounts Payable • You owe someone money, for purchasing goods and/or services.

  16. OWNER’S EQUITY IN ACCOUNTING • :the owner’s claims to the total assets of the business. • Examples: • Mr. Fassl, Capital • Mr. Fassl, Withdrawals

  17. Check Learning A • A=L + OE • $75,000 = L + $50,000 • Liability=_________ owed yet B $218,000=$60,000 + OE OE= ___________

  18. Exercise 2-1 pg 11 • Smart Notebook

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