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Ch. 1 – Accounting for a Private Enterprise Economy

Ch. 1 – Accounting for a Private Enterprise Economy. Accounting 1 Mr. Belolan. Objectives. Describe the three types of business operated to earn a profit in our economy Discuss the three major forms of business organizations in our private enterprise economy

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Ch. 1 – Accounting for a Private Enterprise Economy

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  1. Ch. 1 – Accounting for a Private Enterprise Economy Accounting 1 Mr. Belolan

  2. Objectives • Describe the three types of business operated to earn a profit in our economy • Discuss the three major forms of business organizations in our private enterprise economy • Describe the role of accounting in our economy • Describe the variety of jobs available in accounting Slide Menu

  3. Slide 1 – Intro Slide 2 -- Objectives Slide 3 – Slide Menu Slide 4– Free Enterprise Economy Slide 5 – Profit vs. Loss Slide 6 – Types of Business for Profit Slide 7 – Major Forms of Business Slide 8 – The Fiscal Period Slide 9 – Careers in Accounting Slide 10 – The Language of Business Slide 11 -- Review Slide Menu Slide Menu

  4. Free Enterprise Economy • Highly developed • Free to produce • Spend as you please • Examples Slide Menu

  5. Profit vs. Loss • Profit: income exceeds expenses • Loss: expenses exceeds income • Question: Are all businesses for profit? Slide Menu

  6. Three Types of Business for Profit • Service • Define • example • Merchandise • Define • example • Manufacturing • Define • example Slide Menu

  7. Three Major Forms of Business • Sole Proprietorship • Define • Example • Partnership • Define • Example • Corporation • Define • Example • Why Unique? Slide Menu

  8. Fiscal Period Time covered by an accounting report How long? Central Columbia High School Fiscal Year? Slide Menu

  9. Careers In Accounting • General Bookkeeper • Private Accountant • Governmental Accountant • Certified Public Accountant (C.P.A.) • Advanced degree • Passes exam • Provides many services (taxes) Slide Menu

  10. Assets = Liabilities + Equity • Accounting is “The Language of Business” Slide Menu

  11. Concept Review • Name three countries that offer a free enterprise economy • Name the three types of business • Name the three ways to organize a business • Who is concerned with a company’s financial information? Slide Menu

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