Urban and Regional Essay

927 Words4 Pages
ACCTG 1A Chapter 1 v10E ADMIN  Demonstrate activity schedule coverage  Walk them through the homework schedule and where to find it in the text and workpapers  Study Chapter, not just read chapter. End of Chapter Illustrative Problem  Responsible for everything in Chapter, lecture is the highlights GENERAL ACCOUNTING & BUSINESS TYPES OF BUSINESS  Service Business - Lawyer, Consultant, Doctor  Merchandiser - Circuit City, Wal-Mart  Manufacturer - Mattel, Coca Cola FORMS OF BUSINESS  Sole Proprietorship - most common; easy entrance; Unlimited Liability  Partnership - partnership agreement, Unlimited Liability  Corporation - Articles of Incorporation, Limited Liability, Public v Closely Held, Public corporations can potentially raise large amounts of capital  Limited Liability Corporation – cross between a partnership & corporation, enjoys limited liability but is taxed on the owner’s individual return PROFESSION OF ACCOUNTING  Provide Financial Information for decision making to: a) External Users - Investors and Creditors (Financial Accounting) b) Internal Users - Management (Managerial Accounting) c) Regulators - IRS & SEC   Guided by Generally Accepted Accounting Principles (USA) GAAP Professional Ethics CAREERS IN ACCOUNTING  Public Accounting a) Tax, Audit, Consulting Services b) CPA requires Bachelors degree plus 2 years experience plus CPA exam  Private Accounting a) Bookkeeper / Accounting Clerk b) Supervisor / Manager / Director c) Controller d) CFO / VP of Finance  Government and Not For Profit a) City County State Federal b) Colleges c) Charitable Organizations Goal of this Course: To Produce Financial Statements 1 ACCTG 1A Chapter 1 v10E THE ACCOUNTING EQUATION What significant event took place in the year 1492? Pacciole All accounting is based on one simple formula ASSETS = LIABILITIES + OWNERS EQUITY (Owned)
Open Document