1. HEINTZ & PARRY 17th EDITION
COLLEGE ACCOUNTING
HEINTZ & PARRY
17th EDITION

2. INTRODUCTION TO ACCOUNTING
CHAPTER ONE
INTRODUCTION TO ACCOUNTING

3. THE PURPOSE OF ACCOUNTING
TO PROVIDE:
FINANCIAL INFORMATION
ABOUT A BUSINESS
TO INDIVIDUALS
AND ORGANIZATIONS

4. WHO ARE THE USERS OF ACCOUNTING INFORMATION?
OWNERS
MANAGERS
CREDITORS
GOVERNMENT AGENCIES

5. THE ACCOUNTING PROCESS
ACCOUNTING IS A SYSTEM OF:
GATHERING FINANCIAL INFORMATION
ABOUT A BUSINESS
AND REPORTING IT TO USERS

6. STEP ONE
ANALYZING
LOOKING AT EVENTS THAT HAVE TAKEN PLACE AND THINKING ABOUT HOW THEY AFFECT THE BUSINESS

7. STEP TWO
RECORDING
ENTERING FINANCIAL INFORMATION ABOUT EVENTS INTO THE ACCOUNTING SYSTEM

8. SORTING AND GROUPING SIMILAR ITEMS TOGETHER
STEP THREE
CLASSIFYING
SORTING AND GROUPING SIMILAR ITEMS TOGETHER

9. STEP FOUR
SUMMARIZING
BRINGING THE VARIOUS ITEMS OF INFORMATION TOGETHER TO DETERMINE A RESULT

10. STEP FIVE
REPORTING
TELLING THE RESULTS

11. STEP SIX
INTERPRETING
DECIDING THE MEANING AND IMPORTANCE OF THE INFORMATION IN VARIOUS REPORTS

12. ACCOUNTING PROCESS: SIX MAJOR STEPS
ANALYZING
RECORDING

13. ACCOUNTING PROCESS: SIX MAJOR STEPS
CLASSIFYING
SUMMARIZING

14. ACCOUNTING PROCESS: SIX MAJOR STEPS
REPORTING
INTERPRETING

15. OWNERSHIP STRUCTURES
SOLE PROPRIETORSHIP
PARTNERSHIP
CORPORATION

16. SOLE PROPRIETORSHIP ONE OWNER OWNER ASSUMES ALL RISK
OWNER MAKES ALL DECISIONS

17. PARTNERSHIP TWO OR MORE PARTNERS PARTNERS SHARE RISKS
PARTNERS MAY DISAGREE ON HOW TO RUN BUSINESS

18. CORPORATIONS STOCKHOLDERS STOCKHOLDERS HAVE LIMITED RISK
STOCKHOLDERS MAY HAVE LITTLE INFLUENCE ON BUSINESS DECISIONS

19. TYPES OF BUSINESSES
SERVICE
MERCHANDISING
MANUFACTURING

20. A BUSINESS THAT PROVIDES A SERVICE
SERVICE BUSINESS
A BUSINESS THAT PROVIDES A SERVICE
TRAVEL
AGENCY
PHYSICIAN
COMPUTER
CONSULTANT

21. MERCHANDISING BUSINESS
A BUSINESS THAT BUYS A PRODUCT FROM ANOTHER BUSINESS TO SELL TO CUSTOMERS
PHARMACY
JEWELRY
STORE
DEPARTMENT
STORE

22. MANUFACTURING BUSINESS
A BUSINESS THAT MAKES A PRODUCT TO SELL
FURNITURE
MAKER
AUTO
MANUF.
TOY
FACTORY

23. CAREER OPPORTUNITIES IN ACCOUNTING
ACCOUNTING CLERK
BOOKKEEPER
PARA-ACCOUNTANT
ACCOUNTANT

24. ACCOUNTING CLERK Record, sort, and file accounting information
Often specialize in one area (such as cash, payroll, accounts receivable, accounts payable, inventory and purchases)
At least one year of accounting education

25. BOOKKEEPERS Supervise the work of accounting clerks
Summarize accounting information
Help managers and owners interpret accounting information
One to two years of accounting education

26. PARA-ACCOUNTANTS Provides many accounting, auditing or tax services
Under direct supervision of accountant
2 years of accounting education
or, significant accounting and bookkeeping experience

27. ACCOUNTANTS Design the accounting information system
Focus on analyzing and interpreting info
Look for trends
Study the impact of alternative decisions
College degree in accounting

28. ACCOUNTING CAREERS PUBLIC ACCOUNTING PRIVATE ACCOUNTING
GOVERNMENTAL & NOT-FOR-PROFIT ACCOUNTING

29. PUBLIC ACCOUNTING Offer services to public
CPA (Certified Public Accountant)
Auditing, Taxation, Management Advisory Services

30. PRIVATE ACCOUNTING Employees of private businesses Controller
Accounting Info. Systems; Financial, Cost and Tax Accounting; Budgeting; and Internal Auditing
CMA (Certified Managerial Accountant)
CIA (Certified Internal Auditor)

31. GOVERNMENTAL & NOT-FOR-PROFIT ACCOUNTANTS
Work in ALL levels of government
Also employed by Universities, Hospitals, Charities, etc.
Gather and Report Financial Information