SlideShare a Scribd company logo
[object Object],Heintz & Parry 20 th  Edition
[object Object],1 Chapter
[object Object],1
[object Object],The Purpose of Accounting ,[object Object],[object Object]
[object Object],Who Are the Users of Accounting Information? ,[object Object],[object Object],[object Object],[object Object]
[object Object],[object Object],2
[object Object],The Accounting Process ,[object Object],[object Object]
Step One Looking at events that have taken place and thinking about how they affect the business. ANALYZING
Step Two Entering financial information about events into the accounting system. RECORDING
Step Three Sorting and grouping similar items together rather than merely keeping a simple,  diary-like record of numerous events. CLASSIFYING
Step Four The aggregation of many similar events  to provide information that is easy to understand. SUMMARIZING
Step Five Telling the results. Use of numbered tables in accounting is common. REPORTING
Step Six Deciding the meaning and importance of the information in various reports. INTERPRETING
[object Object],3
GAAP ,[object Object],[object Object],[object Object]
Process Used by FASB to Develop GAAP ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
[object Object],4
[object Object],Three Types of Ownership Structures ,[object Object],[object Object],[object Object],Use a call out box like this or like below.
[object Object],Sole Proprietorship ,[object Object],[object Object],[object Object],Use a call out box like this or like below.
Partnership ,[object Object],[object Object],[object Object]
Corporation ,[object Object],[object Object],[object Object]
[object Object],5
[object Object],Types of Businesses ,[object Object],[object Object],[object Object]
Service Business A business that provides a service. Travel Agency Physician Computer Consultant
Merchandising Business A business that buys a product from another business to sell to customers. Department Store Jewelry Store Pharmacy
Manufacturing Business A business that  makes  a product to sell. Automobile Manufacturer Toy Factory Furniture Maker
[object Object],[object Object],6
[object Object],Career Opportunities in Accounting ,[object Object],[object Object],[object Object],[object Object]
Accounting Clerk ,[object Object],[object Object],[object Object]
Bookkeepers ,[object Object],[object Object],[object Object],[object Object],[object Object]
Para-Accountants ,[object Object],[object Object]
Accountants ,[object Object],[object Object],[object Object],[object Object],[object Object]
[object Object],Accounting Careers ,[object Object],[object Object],[object Object]
[object Object],Public Accounting ,[object Object],[object Object],[object Object]
Private Accounting ,[object Object],[object Object],[object Object],[object Object],[object Object]
Governmental and Not-for-Profit Accounting ,[object Object],[object Object],[object Object]

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Acct076 Chp 1 Acctg

  • 1.
  • 2.
  • 3.
  • 4.
  • 5.
  • 6.
  • 7.
  • 8. Step One Looking at events that have taken place and thinking about how they affect the business. ANALYZING
  • 9. Step Two Entering financial information about events into the accounting system. RECORDING
  • 10. Step Three Sorting and grouping similar items together rather than merely keeping a simple, diary-like record of numerous events. CLASSIFYING
  • 11. Step Four The aggregation of many similar events to provide information that is easy to understand. SUMMARIZING
  • 12. Step Five Telling the results. Use of numbered tables in accounting is common. REPORTING
  • 13. Step Six Deciding the meaning and importance of the information in various reports. INTERPRETING
  • 14.
  • 15.
  • 16.
  • 17.
  • 18.
  • 19.
  • 20.
  • 21.
  • 22.
  • 23.
  • 24. Service Business A business that provides a service. Travel Agency Physician Computer Consultant
  • 25. Merchandising Business A business that buys a product from another business to sell to customers. Department Store Jewelry Store Pharmacy
  • 26. Manufacturing Business A business that makes a product to sell. Automobile Manufacturer Toy Factory Furniture Maker
  • 27.
  • 28.
  • 29.
  • 30.
  • 31.
  • 32.
  • 33.
  • 34.
  • 35.
  • 36.