05 SM121 Accounting 1 2008 post

05 SM121 Accounting 1 2008 post - Accounting and Financial...

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Accounting and Financial Statements
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Accounting What’s it all about?? Who does it?? What do they do?? Can I get a job doing it??
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What’s Accounting About? Accountant’s basic job surrounds preparing the financial statements for the company …but they also: Analyze new opportunities for the business Determine costs and prices of goods and services Evaluate and help determine marketing alternatives Assess risks and benefits of investments Participate in strategies for mergers and acquisitions Develop systems to control, track and analyze financial performance Serve as consultants on variety of strategic decisions
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OK, but Who Does It?? Private Accountants work directly for companies Financial accountants work with financial statements Management accountants analyze decisions Cost accountants analyze costs of products and services Public Accountants; CPA’s work for public accounting firms Auditors review statements and advise clients Tax advisors are tax experts Government Accountants; local, state, federal Formulate budgets Track and control project costs Tax compliance IRS, DOD, GAO
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Typical Accounting Career Paths Private Public Accountant CPA Manager VP Finance CPA Partner CFO Accountant A Great First Job: Accountants must learn all aspects of the business Accountants understand money, the lifeblood of business -Every part of the organization needs this knowledge
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Source: Northwestern Polytechnic University
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What They Do?? Accounting primarily revolves around the preparation and analysis of financial statements
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Financial Statements Purpose: Communicate the financial condition and performance of the company to outside parties Provide a scorecard for the business Everyone uses the same rules to keep score (… theoretically) GAAP: G enerally A ccepted A ccounting P rinciples Allows intra and inter company analysis and comparison
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Business Activities Operating activities: selling goods and services Investing activities: acquisition and sale of assets Financing activities: capital from outsiders Financial statements track all the activities of the business
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05 SM121 Accounting 1 2008 post - Accounting and Financial...

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