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 ____________________________________.