Presentation on theme: "Financial Accounting Fundamentals"— Presentation transcript: 1 Financial Accounting Fundamentals Show
2 3 What is Accounting? According to Merriam-Webster’s dictionary accounting is …
1 : the system of dealing with financial data that provides information for decision making 4 What is Accounting? Does accounting only apply in the business world? 5 Why Study Accounting? Accounting on the job. Accounting in daily life. 6
Five Main Activities? Gathering financial information. 7 Five
Main Activities? Preparing information reports and summaries to: 8
Forms of Business Ownership 9 The focus of most
of this course. 10 The Accounting Cycle
Transactions occur
11 The Accounting Cycle 12 The Accounting Clerk vs. The Accountant 13 Roles in Accounting The Accounting Clerk 14 Roles in Accounting The Accountant 15 Class / Homework The following slides reflect Review
Exercises … 16 Identify which accounting term best matches the following statements. 17 Identify which accounting term best matches the following statements. 18 For each of following statements, fill in the blank with accountant, accounting or accounting clerk.
19 For each of following statements, fill in the blank with accountant, accounting or accounting clerk.
20 Multiple choice: Which of the following statements does not fit the job title of an accounting clerk? Verifies source documents. Ensures that the
ledger balances. Works neatly to guard against errors. Studies tax bulletins to keep up to date. Which of the following statements does not fit the job title of an accounting clerk? Works out accounting entries. Together with the owner, compares this year’s and last year’s income statements. Records accounting entries in the books. Inquires about a suspected error made by the bank.
21 Multiple choice: Which of the following statements does not fit the job title of an accountant? Is a
professional person. Has a broad knowledge of accounting. Ensures the accuracy of the payroll deductions. Discusses the business’s “cash flow” with the owners. Works out accounting entries. Together with the owner, compares this year’s and last year’s income statements. Records accounting entries in the books. Inquires about a suspected error made by the bank.
22 Group Presentation Assignment: What is the professional accounting organization that emphasizes management accounting?IMA® (Institute of Management Accountants) is the worldwide association of accountants and financial professionals in business. Founded in 1919, we are one of the largest and most respected associations focused exclusively on advancing the management accounting profession.
What is the professional accounting organization that publishes a Handbook of Canadian accounting Rules and Standards?The Accounting Standards Board (AcSB) is an independent body with the authority to establish accounting standards for use by all Canadian entities outside the public sector.
Which of the following organizations is the professional association specifically for management accountants?IMA® (Institute of Management Accountants) is a global professional association focused exclusively on advancing the management accounting profession.
Which professional body is in charge of management accounting?IMA is a voluntary membership association focused on addressing the needs of management accounting professionals. Qualified members of IMA hold the designation of Certified Management Accountant (CMA®).
|