Chapter 1. ◦ Is the business earning enough profit? ◦ Is the selling process appropriate? ◦ How much does the business owe to debtors? ◦ Are clients paying.

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Presentation transcript:

Chapter 1

◦ Is the business earning enough profit? ◦ Is the selling process appropriate? ◦ How much does the business owe to debtors? ◦ Are clients paying their bills?

 Gathering Financial Information  __________________________________ _______________  Summarizing & Classifying Financial Info.  _____________________  Establishing controls to promote accuracy and honesty among employees

Users of Financial

 __________________________________  Personal Knowledge  ____________________________  To pursue a career in Accounting

Bookkeepervs.  Jr employee  ______________________  Routine calculations  ______________________  Maintains accounting records Accountant  __________________  Professional  _____________________ __________________  Supervises bookkeeper  _____________________ ________________  Prepares financial reports

 CPA – __________________________________

 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 ______________ (publically listed) must be ___________annually by a ____________________________________.