ACCOUNTING Hall High School Ms. McDermott. Accounting Exciting and Challenging System of RecordingSystem of Organizing.

ACCOUNTING

Hall High SchoolMs. McDermott

AccountingExciting and Challenging

System of Recording

System of Organizing

What is Accounting• The language of business.

Sensible Business Decisions

Good Judgments

Successful Business

Careers in AccountingEntry Level

Accounting Clerk

Sorts, records and files data

Can specialize

Bookkeeper

Entire bookkeeping process

Supervise account clerks

AccountantsInterpr

et

Analyze

Summarize

Plan

Record

Pathway to a Career

A sound, fundamental knowledge of accounting

allows you to navigate through the various paths

to reach your career goal.

Moving up the Career Ladder

CPA

Certified Public Accountant

Requirements vary from

state to stateU. S. citizen At least 21

years old

College graduate with

major concentration in accounting

Comprehensive two and

one-half day exam

Public Accounting

Does not work for any specific company

Auditor Management advising

Tax advising

General accounting

Performs services for individuals and organizations

Private Accounting

Employed by a specific company

General accountant

Industrial accountant

Management

accountant

Controller (chief

accountant)

Not-for-Profit Accounting

Employed by organizations the operates for an objective other than that of

earning a profit.

College or university

Public hospitals

Public charity

Government agency Church

Forensic AccountingWorks in

major accounting

firms

Investigating mergers and acquisitions

Tax investigation

s

Economic crime

investigations

Civil litigation support

Specialized audits

Terrorist investigation

s

Generally Accepted Accounting Principles (GAAP)

• Rules that govern how accounting personal measure, process and report financial data.

Financial Data

Report

Measure

Process

GAAP

Adequate

disclosure

Cost principal

Materiality

Objectivity

evidence

Going concern

Business entity

concept

Consistency

Matching

principal

Realization

principal

Accounting Organizations

American Institute of Certified AccountsFinancial Accounting Standards BoardSecurities and Exchange Commission

Internal Revenue Service

Certifications in Accounting

Certified Public Accountant

Certified Fraud Examiner

Certified Internal Auditor

Certified Management Accountant

Certified Bookkeeper• Two years experience• Pass exam• Sign a code of ethics

Computer and AccountingComputer has taken over

accounting

Easier to complete

time-consuming

and mundane pencil-pushing

tasks

Frees workers

to do more

important tasks

Excel

QuickBooks

Regardless of how automated and sophisticated

accounting systems become, you need a firm foundation in basic accounting

principles.