1 / 18

Exploring Business: Introduction to Accounting & Importance of Accounting in Various Careers

This unit delves into the fundamentals of accounting, emphasizing its significance in business operations and career paths. Learn about the accounting equation, assets, liabilities, owner's equity, and essential skills gained in accounting classes. Discover why accounting is considered the "language of business" and explore various career opportunities in the accounting field. Enhance your problem-solving abilities, communication skills, and data interpretation through this comprehensive accounting overview.

htempleton
Download Presentation

Exploring Business: Introduction to Accounting & Importance of Accounting in Various Careers

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. 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

More Related