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Introduction to Accounting

Introduction to Accounting. Chapter 1. What is Accounting?. A process or system of dealing with financial information that provides information for decision-making Is the business earning enough profit? Is the selling process appropriate? How much does the business owe to debtors?

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Introduction to Accounting

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  1. Introduction to Accounting Chapter 1

  2. What is Accounting? • A process or system of dealing with financial information that provides information for decision-making • Is the business earning enough profit? • Is the selling process appropriate? • How much does the business owe to debtors? • Are clients paying their bills?

  3. Accounting Activities • Gathering Financial Information • Preparing & collecting permanent records • Summarizing & Classifying Financial Info. • Preparing Reports • Establishing controls to promote accuracy and honesty among employees

  4. Benefits of Studying Accounting • Improved Employment Opportunities • Personal Knowledge • Self-Employment • To pursue a career in Accounting

  5. Bookkeeper vs. Accountant

  6. Accounting Designations • CGA – Certified General Accountant • CMA – Certified Management Accountant • CA – Chartered Accountant

  7. What is an Auditor • An accountant who examines and tests the financial data and procedures of a business in order to express an opinion about its financial statements. • Companies traded on the stock exchange (publically listed) must be audited annually by a Chartered Accountant.

  8. Types of Businesses • Service Business • Merchandising Business • Manufacturing Business • Not-for-Profit

  9. Homework • Complete Textbook Sign-out • Write your name in the front of your textbook • Bring in $20 tomorrow for your workbook • Chpt 1 – pg. 10 Questions #1-5 & 7

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