1 / 31

COLLEGE ACCOUNTING

COLLEGE ACCOUNTING. HEINTZ & PARRY 18th EDITION. CHAPTER ONE. INTRODUCTION TO ACCOUNTING. THE PURPOSE OF ACCOUNTING. FINANCIAL INFORMATION ABOUT A BUSINESS TO INDIVIDUALS AND ORGANIZATIONS. TO PROVIDE:. WHO ARE THE USERS OF ACCOUNTING INFORMATION?. OWNERS MANAGERS CREDITORS

melanion
Download Presentation

COLLEGE ACCOUNTING

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. COLLEGE ACCOUNTING HEINTZ & PARRY 18th EDITION

  2. CHAPTER ONE INTRODUCTION TO ACCOUNTING

  3. THE PURPOSE OF ACCOUNTING • FINANCIAL INFORMATION • ABOUT A BUSINESS • TO INDIVIDUALS • AND ORGANIZATIONS TO PROVIDE:

  4. WHO ARE THE USERS OF ACCOUNTING INFORMATION? • OWNERS • MANAGERS • CREDITORS • GOVERNMENT AGENCIES

  5. THE ACCOUNTING PROCESS • GATHERING FINANCIAL INFORMATION • ABOUT A BUSINESS • AND REPORTING IT TO USERS ACCOUNTING IS A SYSTEM OF:

  6. STEP ONE ANALYZING LOOKING AT EVENTS THAT HAVE TAKEN PLACE AND THINKING ABOUT HOW THEY AFFECT THE BUSINESS

  7. STEP TWO RECORDING ENTERING FINANCIAL INFORMATION ABOUT EVENTS INTO THE ACCOUNTING SYSTEM

  8. STEP THREE CLASSIFYING SORTING AND GROUPING SIMILAR ITEMS TOGETHER

  9. STEP FOUR SUMMARIZING BRINGING THE VARIOUS ITEMS OF INFORMATION TOGETHER TO DETERMINE A RESULT

  10. STEP FIVE REPORTING TELLING THE RESULTS

  11. STEP SIX INTERPRETING DECIDING THE MEANING AND IMPORTANCE OF THE INFORMATION IN VARIOUS REPORTS

  12. ACCOUNTING PROCESS:SIX MAJOR STEPS ANALYZING RECORDING

  13. ACCOUNTING PROCESS:SIX MAJOR STEPS CLASSIFYING SUMMARIZING

  14. ACCOUNTING PROCESS:SIX MAJOR STEPS REPORTING INTERPRETING

  15. OWNERSHIP STRUCTURES • SOLE PROPRIETORSHIP • PARTNERSHIP • CORPORATION

  16. SOLE PROPRIETORSHIP • ONE OWNER • OWNER ASSUMESALL RISK • OWNER MAKES ALL DECISIONS

  17. PARTNERSHIP • TWO OR MORE PARTNERS • PARTNERS SHARE RISKS • PARTNERS MAY DISAGREE ON HOW TO RUN BUSINESS

  18. CORPORATIONS • STOCKHOLDERS • STOCKHOLDERS HAVE LIMITED RISK • STOCKHOLDERS MAY HAVE LITTLE INFLUENCE ON BUSINESS DECISIONS

  19. TYPES OF BUSINESSES • SERVICE • MERCHANDISING • MANUFACTURING

  20. SERVICE BUSINESS TRAVEL AGENCY PHYSICIAN A BUSINESS THAT PROVIDES A SERVICE COMPUTER CONSULTANT

  21. MERCHANDISING BUSINESS PHARMACY A BUSINESS THAT BUYS A PRODUCT FROM ANOTHER BUSINESS TO SELL TO CUSTOMERS JEWELRY STORE DEPARTMENT STORE

  22. MANUFACTURING BUSINESS FURNITURE MAKER A BUSINESS THAT MAKES A PRODUCT TO SELL AUTO MANUF. TOY FACTORY

  23. CAREER OPPORTUNITIES IN ACCOUNTING • ACCOUNTING CLERK • BOOKKEEPER • PARA-ACCOUNTANT • ACCOUNTANT

  24. ACCOUNTING CLERK • Record, sort, and file accounting information • Often specialize in one area (such as cash, payroll, accounts receivable, accounts payable, inventory and purchases) • At least one year of accounting education

  25. BOOKKEEPERS • Supervise the work of accounting clerks • Summarize accounting information • Help managers and owners interpret accounting information • One to two years of accounting education

  26. PARA-ACCOUNTANTS • Provide many accounting, auditing or tax services • Under direct supervision of accountant • Two years of accounting education • Or, significant accounting and bookkeeping experience

  27. ACCOUNTANTS • Design the accounting information system • Focus on analyzing and interpreting info • Look for trends • Study the impact of alternative decisions • College degree in accounting

  28. ACCOUNTING CAREERS • PUBLIC ACCOUNTING • PRIVATE ACCOUNTING • GOVERNMENTAL & NOT-FOR-PROFIT ACCOUNTING

  29. PUBLIC ACCOUNTING • Offer services to public • CPA (Certified Public Accountant) • Auditing, Taxation, Management Advisory Services

  30. PRIVATE ACCOUNTING • Employees of private businesses • Controller • Accounting Info. Systems; Financial, Cost and Tax Accounting; Budgeting; and Internal Auditing • CMA (Certified Managerial Accountant) • CIA (Certified Internal Auditor)

  31. GOVERNMENTAL & NOT-FOR-PROFITACCOUNTANTS • Work in ALL levels of government • Also employed by Universities, Hospitals, Charities, etc. • Gather and Report Financial Information

More Related