Unit 1 – Fundamental Accounting Practices. I Want To Know 1)WHAT IS YOUR NAME 2)WHY DID YOU TAKE THIS CLASS? 3)ONE INTERESTING THING ABOUT YOURSELF.

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Presentation transcript:

Unit 1 – Fundamental Accounting Practices

I Want To Know 1)WHAT IS YOUR NAME 2)WHY DID YOU TAKE THIS CLASS? 3)ONE INTERESTING THING ABOUT YOURSELF

What is Accounting Gathering financial information about a business Recording, summarizing, and interpreting the financial information – Every single time money changes hands (or the promise of money) an accountant needs to know and record information

What is Accounting Continued Accounting is broken into two types of functions: Bookkeeping Accounting The gathering and recording of financial information The summarizing and interpreting financial information Recording the day-to-day activities of a business Uses summaries to create specialized reports Keeping track of all buying and selling activities Interprets information found in the specialized reports Sometimes prepares summaries to meet the requirements of information needed

Who Uses the Financial Information With the people around you (groups of 3) Write down as many people as you can think that would use information collected by an accountant

Who Uses the Financial Information Inside the BusinessOutside the Business OwnersCreditors ManagersProspective investors EmployersSuppliers Employees Competitors Customers Government