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Job Opportunities in Accounting

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Presentation on theme: "Job Opportunities in Accounting"— Presentation transcript:

1 Job Opportunities in Accounting
Accountants College degree in Accounting Bookkeepers Two years of high school Accounting Accounting Clerks One year of high school Accounting

2 Terms 1. Accounting Planning, recording, analyzing, and interpreting financial information Accounting System A planned process for providing financial information useful to management Accounting Records Organized summaries of a business’ financial activities Financial Statements Financial reports that summarize the financial condition and operations of a business

3 A Business A place where products are manufactured and/or purchased and sold, or services are provided to earn a profit for owners and/or stockholders

4 2. Types of Business Sole Proprietorship Partnership Corporation
A business owned by one person Partnership A business where two or more persons combine their assets and skills Corporation A business owned by many people with the legal rights of an individual person

5 Accounting Concept Business Entity – A business’s financial information is recorded and reported separately from the owner’s personal financial information Examples: Personal vehicle Checking account House Personal utilities

6 3. The Accounting Equation
Assets = Liabilities + Owners Equity Assets-anything of value that is owned Liabilities-an account owed by a business Equities-financial rights to the assets of a business Owner’s Equity- Amount remaining after the value of all liabilities is subtracted from the value of all assets.

7 4. Business Activity Terms
Transaction – A business activity that changes assets, liabilities, or owner’s equity. Account – A record summarizing all the information pertaining to a single item in the accounting equation. Account Title – The name given to an account. Account balance – The amount in an account. Capital – The account used to summarize the owner’s equity in a business.

8 Accounting Concept Unit of Measurement – when business transactions are stated in numbers that have common values Example U.S. uses dollars ($)

9 RECEIVING CASH page 10 Transaction 1 August 1. Received cash from owner as an investment, $5, LESSON 1-2

10 PAYING CASH Transaction 2 August 3. Paid cash for supplies, $275.00.
page 11 Transaction 2 August 3. Paid cash for supplies, $ Transaction 3 August 4. Paid cash for insurance, $1, LESSON 1-2

page 12 Transaction 4 August 7. Bought supplies on account from Supply Depot, $ Transaction 5 August 11. Paid cash on account to Supply Depot, $ LESSON 1-2

12 5. Revenue Transactions Revenue – an increase in owner’s equity resulting from the operation of business Sale on account (Accounts receivable) – a sale in which cash will be received at a later date

13 Accounting Concept Realization of Revenue – revenue is recorded at the time goods or services are sold

14 Expense Transactions Expense – a decrease in owner’s equity resulting from the operation of business Examples: Rent Telephone bill Water bill

15 Other Cash Transactions
Withdrawal – assets taken out of a business for the owner’s personal use

16 Ethics Ethics – the principles of right and wrong that guide decision making Business ethics – the use of ethics in making business decisions

17 REVENUE TRANSACTIONS page 14 Transaction 6 August 12. Received cash from sales, $ Transaction 7 August 12. Sold services on account to Oakdale School, $ LESSON 1-3

18 EXPENSE TRANSACTIONS page 15 Transaction 8 August 12. Paid cash for rent, $ Transaction 9 August 12. Paid cash for telephone bill, $40.00. LESSON 1-3

Lesson 1-3 4/21/2017 OTHER CASH TRANSACTIONS page 16 Transaction 10 August 18. Received cash on account from Oakdale School, $ Transaction 11 August 18. Paid cash to owner for personal use, $ LESSON 1-3 Blue

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