Accounting: The Key to Success C H A P T E R 1 © 2007 McGraw-Hill Ryerson Ltd. Electronic Presentations in Microsoft® PowerPoint®

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Accounting: The Key to Success C H A P T E R 1 © 2007 McGraw-Hill Ryerson Ltd. Electronic Presentations in Microsoft® PowerPoint®

1. Describe accounting and its goals and uses. 2. Describe forms of business organizations. 3. Identify users and uses of accounting. 4. Explain why ethics and social responsibility are crucial to accounting. 5. Identify opportunities in accounting and related fields. Learning Objectives © 2007 McGraw-Hill Ryerson Ltd.

Accounting is a process that involves collecting information, recording it, and then reporting it to various decision makers. What is Accounting? © 2007 McGraw-Hill Ryerson Ltd.

 Sole Proprietorship  Partnership  Corporation Forms of Organization © 2007 McGraw-Hill Ryerson Ltd.

 One owner  Separate entity for accounting purposes  Not a separate legal entity from the owner  Unlimited liability  Limited life  Owner taxed on profits Sole Proprietorships © 2007 McGraw-Hill Ryerson Ltd.

 Two or more owners  Separate entity for accounting purposes  Not a separate legal entity from the owners  Unlimited liability  Limited life  Owners taxed on profits Partnerships © 2007 McGraw-Hill Ryerson Ltd.

 One or more owners  Separate entity for accounting purposes  Separate legal entity from the owner(s)  Limited liability  Unlimited life  Corporation taxed on profits Corporations © 2007 McGraw-Hill Ryerson Ltd.

 Not-for-profit and government organizations  No identifiable owner  Examples: schools, charities, libraries, hospitals, police, shelters Non-Business Organizations © 2007 McGraw-Hill Ryerson Ltd.

Internal  Owners  Managers External  Bankers and other creditors  Investors and potential investors  Unions  External auditors  CRA Users of Accounting Information © 2007 McGraw-Hill Ryerson Ltd.

 What are the manufacturing expenses per unit of product?  What is the most profitable mix of services?  How much do we have to sell to break even?  How much profit did we earn last month?  Are we keeping our expenses under control? Questions asked by internal users © 2007 McGraw-Hill Ryerson Ltd.

 Can the company repay current loans?  Is the purchaser able to pay for goods purchased?  Do revenues include only those for the current period?  Have all expenses been recorded?  Is net income large enough to support a request for increased pay? Questions asked by external users © 2007 McGraw-Hill Ryerson Ltd.

 One of the primary goals of accounting is to provide useful information for decision making.  In order for the information to be useful, it must be trusted.  Accountants must act in an ethical manner in order for the information they produce to be trusted. Ethics in Accounting © 2007 McGraw-Hill Ryerson Ltd.

Ethical obligations of accountants:  Maintain a high level of professional competence.  Treat sensitive information as confidential.  Exercise personal integrity.  Be objective in matters of financial disclosure. Ethics and Social Responsibility © 2007 McGraw-Hill Ryerson Ltd.

Broad fields of accounting include:  Financial accounting  Managerial accounting  Taxation  Accounting-related fields Accounting Opportunities © 2007 McGraw-Hill Ryerson Ltd.

Accountants may work as:  Private accountants  Public accountants  Government accountants Accounting Opportunities © 2007 McGraw-Hill Ryerson Ltd.

Professional certifications in Canada:  Certified General Accountant (CGA)  Certified Management Accountant (CMA)  Chartered Accountant (CA) Professional Certification © 2007 McGraw-Hill Ryerson Ltd.

End of Chapter © 2007 McGraw-Hill Ryerson Ltd.

Photograph Credits SlideCredit 5SW Productions/Getty Images 6Comstock/Picture Quest 7Ryan Mc Vay /Getty Images 8Dynamic Graphics / Jupiter Images © 2007 McGraw-Hill Ryerson Ltd.