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Unit 1 introduction to accounting



Unit 1 Introduction to Accounting

Unit 1 Introduction to Accounting
Chapter 1 and Chapter 2



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  • Accounting plays a vital role in the day-to-day activities of every business. Accounting records and reports help businesses operate efficiently and profitably by keeping track of how much is earned and how much is spent. Accounting is so much a part of the business world that much of its terminology has become a part of our everyday language.
  • Please go to the World Wildlife Fund website. Browse and Review the site for 15 minutes, paying close attention to services and careers. ACTION: set timer
  • Why its important A successful career begins with identifying your interest and skills and putting them to work for you. As consumers, we buy goods from merchandising businesses daily. Understanding the nature of these transaction are key to accounting for a merchandising business.
  • Given this information, what might you want you career to be? Are do you just want a job?
  • Before choosing a career you need to do a little soul-searching. The more you know about yourself, the easier it will be to make career choices. ACTION: Students should go to this website: www.educationplanner.com and click on Career assessment and take the quiz. This should take approximately 10-15 minutes.
  • Your are more likely to enjoy a career that uses you individual interest skills and traits. Everyone has different skills and abilities – it’s the combination that gives you a unique selling point
  • How many of these traits do you have? Make a list. It will come in handy when you consider careers that interest you.
  • Being responsible means being dependable and taking positive actions, like showing up on time for work or honoring a commitment. You value achievement if you want to be a success in whatever you do, but it goes a little farther than wanting it also involves taking initiative. If you especially value interaction with friends and family, relationships are important to you. With compassion you care deeply about people animals or special causes. Courage is not just being brave in the face of physical danger, it is also the ability to overcome other fears. For example it takes courage to make a speech in front of the whole classroom If acknowledgement and appreciation of your work is important to you, then you value recognition.
  • Make a list of how you’d like to spend your time, energy and resources. These are your lifestyle goals. Try to focus on careers that closely match them.
  • As you collect information about yourself, you’ll want to complete a personal career profile. Use this profile to help you evaluate whether the careers that you’re considering match your skills, interest, values and personality. ACTION: hand out Personal Career Profile Form – Refer student to page 10 for help in completing the form.
  • ACTION: Hand out Personal Career Profile Form Use this profile to help you evaluate whether the career you’re considering match your skills, interest, values, and personality.
  • Accounting Flashbacks --- The Inca Empire, which spanned the west coast of South America throughout the 11 th – 14 th centuries, used knotted cords of different lengths and colors called quipi to keep accounting records.
  • Why its important --- Explore all the careers available in accounting. You wouldn’t want to miss a great opportunity just because you didn’t know it existed.
  • HOMEWORK: Problem 1-5 Researching Public Accounting Firms --- Page 17 Surf the World Wide Web or conduct research in the library to find information about the “big Four” accounting firms. Create a table of information about each firm and the services they provide. Review the Key Concepts – Chapter 1 Summary on Page 19
  • Please go to the Huey’s Athletic Network website. Browse and Review the site for 15 minutes, paying close attention to services and careers. ACTION: set timer
  • Why is it important --- in order to participate in the world of business, you’ll want to understand how businesses are formed, organized and operated.
  • A business must operate at a profit and have some willing to take the risk for it. One measure of success in a business operation is the amount of profit it earns.
  • There are many benefits of starting and running your own business, but there are also drawbacks to consider.
  • A service business provides a needed service for a fee. Examples are travel agencies, beauty salons, movers, insurance company and realtors A merchandising business buys finished products and resales them to individual or businesses, such as Department Stores and supermarkets A Manufacturing business buys raw material and transform them into finished products. Ranging from shipbuilders to bakeries.
  • Why its important ---- understanding accounting systems is the key to understanding business.
  • Each business sets up an accounting systems according to its specific needs, but all businesses follow GAAP
  • Activity --- Computing in the business world – page 35 Suppose you are opening a 1,000 square foot baseball card store in a shopping center. You have signed a lease that requires you to pay a monthly rent of $1,75 per square foot, plus 5% of your gross annual sales. What is the total amount of rent you will pay in one year if you have sales of $85,000? THE ANSWER = $25,250 Review Chapter 2 Summary – Key concepts on page 37 HOMEWORK: Problem 2-4 Indentify Types of Business Page 40, Problem 2-6 Understanding Business Operations, and Problem 2-7 Categorizing Forms of Business Organizations Page 41

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