2. Ch. 1 – Accounting for a Private Enterprise Economy Accounting 1 Mr. Belolan

3. Objectives Describe the three types of business operated to earn a profit in our economy Describe the three types of business operated to earn a profit in our economy Discuss the three major forms of business organizations in our private enterprise economy Discuss the three major forms of business organizations in our private enterprise economy Describe the role of accounting in our economy Describe the role of accounting in our economy Describe the variety of jobs available in accounting Describe the variety of jobs available in accounting Slide Menu

4. Slide Menu Slide 1 – Intro Slide 1 – IntroIntro Slide 2 -- Objectives Slide 2 -- ObjectivesObjectives Slide 3 – Slide Menu Slide 3 – Slide MenuSlide MenuSlide Menu Slide 4 – Free Enterprise Economy Slide 4 – Free Enterprise EconomyFree Enterprise EconomyFree Enterprise Economy Slide 5 – Profit vs. Loss Slide 5 – Profit vs. LossProfit vs. LossProfit vs. Loss Slide 6 – Types of Business for Profit Slide 6 – Types of Business for ProfitTypes of Business for ProfitTypes of Business for Profit Slide 7 – Major Forms of Business Slide 7 – Major Forms of BusinessMajor Forms of BusinessMajor Forms of Business Slide 8 – The Fiscal Period Slide 8 – The Fiscal PeriodThe Fiscal PeriodThe Fiscal Period Slide 9 – Careers in Accounting Slide 9 – Careers in AccountingCareers in AccountingCareers in Accounting Slide 10 – The Language of Business Slide 10 – The Language of BusinessThe Language of BusinessThe Language of Business Slide 11 -- Review Slide 11 -- ReviewReview Slide Menu

5. Free Enterprise Economy Highly developed Highly developed Free to produce Free to produce Spend as you please Spend as you please Examples Examples Slide Menu

6. Profit vs. Loss Profit: income exceeds expenses Profit: income exceeds expenses Loss: expenses exceeds income Loss: expenses exceeds income Question: Are all businesses for profit? Question: Are all businesses for profit? Slide Menu

7. Three Types of Business for Profit Service Service Define Define example example example Merchandise Merchandise Define Define example example Manufacturing Manufacturing Define Define example example Slide Menu

8. Three Major Forms of Business Sole Proprietorship Sole Proprietorship Define Define Example Example Partnership Partnership Define Define Example Example Corporation Corporation Define Define Example Example Why Unique? Why Unique? Slide Menu

9. Fiscal Period Time covered by an accounting report Time covered by an accounting report How long? How long? Central Columbia High School Fiscal Year? Central Columbia High School Fiscal Year? Slide Menu

10. Careers In Accounting General Bookkeeper General Bookkeeper Private Accountant Private Accountant Governmental Accountant Governmental Accountant Certified Public Accountant (C.P.A.) Certified Public Accountant (C.P.A.) Advanced degree Advanced degree Passes exam Passes exam Provides many services (taxes) Provides many services (taxes) Slide Menu

11. Assets = Liabilities + Equity Accounting is “The Language of Business” Accounting is “The Language of Business” Slide Menu

12. Concept Review Name three countries that offer a free enterprise economy Name three countries that offer a free enterprise economy Name the three types of business Name the three types of business Name the three ways to organize a business Name the three ways to organize a business Who is concerned with a company’s financial information? Who is concerned with a company’s financial information? Slide Menu