1. Overview of the Accounting Environment Managerial Accounting

2. Fields in Accounting  Financial Accounting – financial statement reporting to entities outside the business organization

3. Financial Accounting  Information primarily intended for investors and creditors  Governing body is the Financial Accounting Standards Board (FASB)  Highly regulated

4. Financial Accounting  Financial reports are:  Balance Sheet  Income Statement  Statement of Changes in Equity  Statement of Cash Flows  Verified through documentation and audit by CPA

5. Fields in Accounting  Cost/Managerial Accounting – preparing information suitable for managers to plan control and run the organization

6. Cost / Managerial Accounting  Information prepared for internal users  Primarily intended for decision making by managers  No governing body or regulators  Emphasis on relevance rather than verification

7. Fields in Accounting  Governmental Accounting – accounting for state or local governments using “fund” accounting concepts  Separates activities of the organization into distinct reporting units

8. Fields in Accounting  Tax Accounting – strategic planning to reduce tax liability  Record keeping and filing for tax preparation

9.  www.roberthalf.com contains free resources on careers, jobs descriptions, and salaries for accounting and finance professionals Web Sites

10.  www.gleim.com contains information about certifications and licenses available in accounting

11. Professional Organizations IMAInstitute of Management Accountants www.imanet.org MSCPAMissouri Society of Certified Public Accountants AAAAmerican Accounting Association

12. Certifications CPACertified Public Accountant CMACertified Management Accountant CIACertified Internal Auditor CFACertified Forensic Accountant