Accounting Counts Why Take High School Accounting? Mrs. Welsh August, 2014.

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Presentation transcript:

Accounting Counts Why Take High School Accounting? Mrs. Welsh August, 2014

 Four of the top ten most profitable college majors are business related Average Starting Salary  Accounting $46,000  Economics/Finance $45,000  Business Administration $39,000  Marketing $35,000 Accounting and Business Majors “by the numbers”

 1 in 5 college students are business majors  226,000 new jobs are expected over the next decade in Accounting  In 2007, CPA firms increased their hiring by 83%  Hiring in the accounting profession has remained strong despite the overall downward trend in US jobs growth Accounting and Business Majors “by the numbers”

 Increasing number of new businesses  Changing financial laws  Corporate governance regulations  Sarbanes Oxley Act Why the increased demand for Accountants?

Wesley Snipes Gets 3 Years for Not Filing Tax Returns “Ripped from the Headlines” Forensic Accounting The increased focus on and numbers of financial crimes such as tax evasion, embezzlement, bribery, and securities fraud has increased the demand for forensic accountants.

 Phil Knight, Founder and Chair of Nike, is a CPA.  Donald Trump majored in Economics.  Arthur Blank, co-founder of Home Depot and owner of the Atlanta Falcons is a CPA. Did You Know?

 Business majors are required to take at least one, usually two, college accounting courses.  Studies show that students who take high school accounting are more successful in college accounting.  Decide if you are interested in business, finance and accounting before college. So what does this have to do with taking high school Accounting?

 Understand the language of business  Analyze business transactions  Prepare and analyze financial documents  Research business topics on the Internet  Use spreadsheet software What will you learn and do in high school Accounting?

Analyze Financial Information Best Buy’s Fiscal Revenue Mix

 Many colleges and universities are requiring non- business majors to take a course in managerial accounting:  Interior Design  Architecture  Engineering What if I am not going to be a business major?

 All businesses need to keep accounting records.  Entrepreneurs must understand the business/profit motive.  Understanding accounting concepts help Entrepreneurs problem solve and make sound business decisions. Want to Own Your Own Business?

 Learn skills that employers need all employees to possess:  Problem solving  Critical thinking  Organization, accuracy, and integrity  Business ethics  Technology Why is high school Accounting for everyone?

 Personal applications learned in Accounting:  Budgeting  Payroll  Investments  Taxes  Banking Why is high school Accounting for everyone?

Final Thoughts...  Welcome to Accounting at Clinton High School  I truly believe that you will learn lots of useful stuff in this class and might even have some fun along the way!  Welcome !