chapterhorowitk/documents/chapter_01.pdfchapter © 2014cengage learning. all rights reserved. may...
TRANSCRIPT
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Chapter
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1 Introduction to Accounting
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Learning Objective
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1
Describe the purpose of accounting.
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To provide: Financial information about the current operations and financial condition of a business to individuals and organizations
The Purpose of Accounting
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Owners Managers Creditors Government Agencies
Who Are the Users of Accounting Information?
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Learning Objective
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2
Describe the accounting process.
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Accounting is a system of: Gathering financial information about a business and reporting this information to users
The Accounting Process
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Step One
Looking at events that have taken place and thinking about how they affect the business.
ANALYZING
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Step Two
Entering financial information about events into the accounting system.
RECORDING
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Step Three
Sorting and grouping similar items together rather than merely keeping a simple, diary-like record of numerous events.
CLASSIFYING
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Step Four
The aggregation of many similar events to provide information that is easy to understand.
SUMMARIZING
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Step Five
Telling the results. Use of numbered tables in accounting is common.
REPORTING
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Step Six
Deciding the meaning and importance of the information in various reports.
INTERPRETING
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Learning Objective
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3
Define GAAP and describe the process used by FASB to develop these principles.
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Generally Accepted Accounting Principles (GAAP) Developed by the Financial Accounting Standards Board (FASB) Procedures and guidelines to be followed in the accounting and reporting process
GAAP
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Identify an accounting issue Place on the agenda Research an issue FASB issues Preliminary Views document to identify pros and cons of treatments Hold public hearings Issue an exposure draft The Board issues an Accounting Standards Update which updates the FASB Accounting Standards Codification.
Process Used by FASB to Develop GAAP
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Learning Objective
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4
Define three types of business ownership structures.
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Sole proprietorship Partnership Corporation
Three Types of Ownership Structures
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One owner Owner assumes all risk Owner makes all decisions
Sole Proprietorship
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Two or more partners Partners share risks Partners may disagree on how to run the business
Partnership
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Stockholders Stockholders have limited risk Stockholders may have little influence on business decisions
Corporation
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Learning Objective
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5
Classify different types of businesses by activities.
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Service business Merchandising business Manufacturing business
Types of Businesses
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A business that provides a service.
Service Business
Travel Agency
Physician
Computer Consultant
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A business that buys a product from another business to sell to customers.
Merchandising Business
Department Store
Jewelry Store
Pharmacy
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A business that makes a product to sell.
Manufacturing Business
Automobile Manufacturer
Toy Factory
Furniture Maker
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Learning Objective
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6
Identify career opportunities in accounting.
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Accounting Clerks Bookkeepers and Para-accountants Accountants
Career Opportunities
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Design the accounting information system Focus on analyzing and interpreting information Look for important trends in the data Study the impact of alternative decisions Enter the field with a college degree in accounting
Accountants
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Accounting Careers
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Offer services to the public CPA (Certified Public Accountant) Auditing, Taxation, Management Advisory Services
Public Accounting
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Employees of private businesses Controller Accounting Information Systems; Financial, Cost, and Tax Accounting; Budgeting; and Internal Auditing CMA (Certified Managerial Accountant) CIA (Certified Internal Auditor)
Private Accounting
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Work in all levels of government Also employed by universities, hospitals, charities, etc. Gather and report financial information
Governmental and Not-for-Profit Accounting
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The growth in the number of new jobs from 2010 to 2020 will vary according to industry. The major area of growth will be in health care, construction, and professional and business services. Moderate growth is expected in education services and transportation and warehousing. Slower growth is expected in the remaining industries. Total employment for all industry sectors is projected to grow by 14.3% over the decade, resulting in 20.5 million new jobs.
Source: U.S. Department of Labor—Bureau of Labor Statistics News Release, Wednesday, February 1, 2012: EmploymentProjections—2010–2020. (www.bls.gov/news.release/pdf/ecopro.pdf)
Anticipated Job Growth
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The highest number of jobs available will be for bookkeepers, accounting and auditing clerks, and accountants and auditors. The growth for each area shown from 2010 to 2020 will be as follows: Thousands Thousands Percentage Accountants and auditors 191 15.7% Budget analysts 6 10.3% Bookkeeping, accounting, and auditing clerks 259 13.6% Billing and posting clerks, and machine operators 100 19.7%* *Difference due to rounding
Anticipated Demand
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Job Descriptions in the Accounting Profession
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Your Perspective: Vehicle Emissions Technician
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Record, sort, and file accounting information Often specialize in one area (such as cash, payroll, accounts receivable, accounts payable, inventory, or purchases) Usually have at least one year of accounting education
Accounting Clerk
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Supervise the work of accounting clerks Help with daily accounting work Summarize accounting information Help managers and owners interpret accounting information Usually have one to two years of accounting education and experience as an accounting clerk
Bookkeepers
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Analyzes accounting records for budget allocations. Reviews operating budgets to analyze trends affecting budget needs. Bachelor’s degree required and 2 or more years experience.
Budget Analyst
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Job Descriptions in the Accounting Profession
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Job Descriptions in the Accounting Profession