Teams of 2 Write down answer Bring to me Quickest correct team per question = Major Reward Accounting Scavenger Hunt

What is Accounting? Accounting Definition (Webster’s)-The system of recording and summarizing business and financial transactions and analyzing, verifying, and reporting the results Accounting Definition (our book)-Planning, recording, analyzing and interpreting financial information

What Is a CPA? The Certified Public Accountant (CPA) designation is a valuable credential that attests to your in-depth knowledge of accounting principles and practices, including applicable laws and regulations.

What does an accountant do? (at least 5) Day to day operations of bookkeeping Balance the books, track expenses (costs of doing biz) and revenue (income) Execute payroll and pay the bills Compile financial data needed to issue a company’s financial statements in accordance with government regulations Offer financial advice and make business decisions based on hard facts Many need to know tax law and meet Generally Accepted Accounting Principles (GAAP)

What characteristics are helpful for an Accountant? (at least 5) Critical, detail-oriented thinkers Knack for using numbers Solving problems and being able to think critically about the numbers you’re working with Good with computers People Skills Communication skills Analytical skills Creativity Initiative

What Career Tracks are Available for an Accountant? (at least 7) Public Accounting – create & file IRS reports for businesses/audit Industry & Business (In-House Accounting) – budgets, payroll, A/P, A/R, Controllers, CFO’s; wide range of businesses even including entertainment and sports Internal and External Auditors – checks company’s accounting systems internally Management Accountants – advise management based on prepared statements Government Accountants – monitor indiv. & corp. tax returns, track costs, budgets analyze programs – Dept. of Defense, General Accounting, Sec. & Exchange Commission, IRS Bookkeepers & Auditing Clerks – keep track of a company’s books. Record, maintain and verify data in a company’s financial records. They do not analyze or offer advice. Least schooling, Least $, least challenging Education – High school and college level Information Technology & Consulting – design computer systems Forensic Accounting – track down fraud; law enforcement, private practice Independent – own business - tax returns and advising. *CPA Audit/Public Accounting - checking accounting ledgers and financial statements within corporations and government. Budget Analysis - developing and managing an organizations financial plans. Financial - prepare financial statements based on general ledgers and participate in important financial decisions Management Accounting - Major functions include cost analysis, analysis of new contracts and participation in efforts to control expenses efficiently. This work often involves the analysis of the structure of organizations. Tax - prepare corporate and personal income tax statements and formulate tax

What are the big 4 Accounting Firms? “Most of the auditing for public companies is done by these firms. This term is constantly changing largely due to mergers. At one point the grouping was called the Big Eight, then Big Six, Big Five, etc.” (Investopedia) Income based Deloitte PwC Ernst & Young KPMG

What are the requirements to become an CPA? (at least 3) Vast majority require at least a bachelor’s degree from a 4 year university Get licensed – pass CPA exam – after 150 hours of undergraduate courses & work for 1 year – For public firms Experience Many people get their Master degrees (MBA)

What celebrities majored in Accounting? (at least 5) Ray Romano John Grisham Kenny G Bob Newhart Arthur Blank (Atlanta Falcons owner) JP Morgan, Walter Diemer (inventor of bubble gum) Mick Jagger Janet Jackson