ACCOUNTING Hall High School Ms. McDermott. Accounting Exciting and Challenging System of RecordingSystem of Organizing.

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Presentation transcript:

ACCOUNTING Hall High School Ms. McDermott

Accounting Exciting and Challenging System of RecordingSystem of Organizing

What is Accounting The language of business. Sensible Business Decisions Good Judgments Successful Business

Careers in Accounting Entry Level Accounting Clerk Sorts, records and files data Can specializeBookkeeper Entire bookkeeping process Supervise account clerks

Accountants Interpret Analyze Summarize Plan Record

Pathway to a Career A sound, fundamental knowledge of accounting allows you to navigate through the various paths to reach your career goal.

Moving up the Career Ladder

CPA Certified Public Accountant Requirements vary from state to state U. S. citizen At least 21 years old College graduate with major concentration in accounting Comprehensive two and one- half day exam

Public Accounting Does not work for any specific company Auditor Management advising Tax advising General accounting Performs services for individuals and organizations

Private Accounting Employed by a specific company General accountant Industrial accountant Management accountant Controller (chief accountant)

Not-for-Profit Accounting Employed by organizations the operates for an objective other than that of earning a profit. College or university Public hospitals Public charity Government agency Church

Forensic Accounting Works in major accounting firms Investigating mergers and acquisitions Tax investigations Economic crime investigations Civil litigation support Specialized audits Terrorist investigations

Generally Accepted Accounting Principles (GAAP) Rules that govern how accounting personal measure, process and report financial data. Financial Data ReportMeasureProcess

GAAP Adequate disclosure Cost principal Materiality Objectivity evidence Going concern Business entity concept Consistency Matching principal Realization principal

Accounting Organizations American Institute of Certified AccountsFinancial Accounting Standards BoardSecurities and Exchange CommissionInternal Revenue Service

Certifications in Accounting Certified Public Accountant Certified Fraud Examiner Certified Internal Auditor Certified Management Accountant Certified Bookkeeper Two years experience Pass exam Sign a code of ethics

Computer and Accounting Computer has taken over accounting Easier to complete time- consuming and mundane pencil-pushing tasks Frees workers to do more important tasks Excel QuickBooks

Regardless of how automated and sophisticated accounting systems become, you need a firm foundation in basic accounting principles.