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Introduction to Accounting

Introduction to Accounting. Topic #1: General Accounting Information. Learning Goals and Success Criteria. Learning Goals: Describe the different parts of the accounting definition Explain why we study accounting Describe the different types of business ownership

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Introduction to Accounting

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  1. Introduction to Accounting Topic #1: General Accounting Information

  2. Learning Goals and Success Criteria • Learning Goals: • Describe the different parts of the accounting definition • Explain why we study accounting • Describe the different types of business ownership • Describe the different types of businesses • Success Criteria: • I can define accounting • I can justify why people should study accounting • I can explain the different types of business ownership and what types of businesses exist in the Canadian Economy

  3. What is Accounting? • Accounting is: • Gathering • Preparing • Recording • Synthesizing/Summarizing • Analyzing • Reporting • Controlling The financial data for a business.

  4. Studying Accounting • Accounting happens in every business – understand what is going on • Accounting in Daily life – Keep and prepare financial records, personal income tax • Owning your own business – understand cash flow, don’t get taken advantage of • Accounting as a profession – become a CA, CMA, or CGA • Complexity of business – understand laws that companies must follow – BreX and Enron

  5. Types of Business Ownership • Sole Proprietorship • Partnership • Corporation

  6. Types of Businesses • Service • Merchandising • Manufacturing • Non-Profit

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