Presented by: Mr. Raziq Chapter 1 An Introduction to the Role of Accounting in the Business World Slide 1.1.

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Presentation transcript:

Presented by: Mr. Raziq Chapter 1 An Introduction to the Role of Accounting in the Business World Slide 1.1

Presented by: Mr. Raziq Chapter 1 Learning Objectives Identify the major types of business entities, their principal legal forms, and their key internal functions. Identify the primary means used by accountants to communicate financial information to decision makers. Briefly describe how financial data are collected by an organization’s accounting system. Define the nature, structure, and major segments of the accounting profession and important changes presently underway within the profession. Slide 1.2

Presented by: Mr. Raziq Keys to Success in the Business World Hard Work A Little Luck... Maybe a lot of luck Most important... An ability to make wise economic decisions Slide 1.3

Presented by: Mr. Raziq Major Types of Businesses Service: Charles Schwab & Co. (stock brokerage firm) Manufacturing: General Motors Merchandising: Wal-Mart Slide 1.5

Presented by: Mr. Raziq Common Forms of Business Organizations Sole Proprietorship Partnership Corporation Slide 1.6

Presented by: Mr. Raziq Internal Functions of Business Organizations Management... production management, personnel management... Marketing... advertising, consumer research... Finance... raising “capital,” investing capital... Accounting Slide 1.7

Presented by: Mr. Raziq The Nature of Accounting... A Means to an End Accounting is a service activity. Its function is to provide quantitative information, primarily financial in nature, about economic entities that is intended to be useful in making economic decisions--in making reasoned choices among alternative courses of action. Slide 1.8

Presented by: Mr. Raziq Communicating Financial Information to External Decision Makers Balance Sheet Income Statement Statement of Stockholders’ Equity Statement of Cash Flows Slide 1.9

Presented by: Mr. Raziq Communicating Financial Information to Internal Decision Makers Customized financial reports... designed with these decision makers’ information needs in mind. Slide 1.10

Presented by: Mr. Raziq Accounting... A Little History Middle Ages: Pacioli and double-entry bookkeeping Industrial Revolution: Accounting Systems Evolve Accounting in the Computer Age Slide 1.11

Presented by: Mr. Raziq GAAP The Rules of the Game The concepts, guidelines, and rules that accountants follow in recording and reporting financial information. Slide 1.12

Presented by: Mr. Raziq The Accounting Profession Accountant vs. CPA Private vs. Public Accounting Work roles in private accounting... controller, cost analyst, tax accountant Slide 1.13

Presented by: Mr. Raziq Public Accounting... A Closer Look Major services: independent auditing, taxation services, management consulting, bookkeeping Independent auditors: society’s financial detectives The “Big Six” accounting firms... Arthur Andersen, Coopers & Lybrand, Deloitte & Touche... Slide 1.14

Presented by: Mr. Raziq Regulation of the Accounting Profession Securities and Exchange Commission Financial Accounting Standards Board State Boards of Public Accountancy Slide 1.15

Presented by: Mr. Raziq Accounting... A Profession in Transition Computers everywhere! Trend toward multinational business operations 150-hour educational requirement Slide 1.16