Accounting involves planning, recording, analyzing, and interpreting financial information to provide data to management for accurate decision making. An accounting system processes financial information to summarize a business's activities. Accounting is important as financial statements and accounting records allow businesses to understand their financial position and make informed choices. Some career opportunities in accounting include positions in auditing, tax preparation, and financial analysis.

1. LESSON 1-1 What is Accounting? Why is Accounting called the “Language of Business?” What is an Accounting System?

2. LESSON 1-1 Accounting is….. - Planning, recording, analyzing, and interpreting financial information Planning Recording Analyzing Interpreting

3. LESSON 1-1 An Accounting System The process of providing financial data and information to management so that they can make accurate/appropriate financial decisions. Accounting Records are the organized summaries of the businesses financial activities. WHY IS ACCOUNTING SO IMPORTANT? WHAT ARE SOME CAREER OPPORTUNITIES IN ACCOUNTING?

4. LESSON 1-1

5. LESSON 1-1 Why are Financial Statements important? One Name: ENRON http://www.youtube.com/watch?v=Uxd9AeXft64

6. LESSON 1-1 THE BUSINESS- Techknow Consulting Service Business - a business that performs an activities for a fee. Brainstorm some service businesses….. Proprietorship- a business that is owned by one person . The liability for business losses or any personal or property losses remains with the sole proprietor (owner) PAGE 6:TECHKNOW CONSULTING

7. LESSON 1-1 ADVANTAGES VS DISADVANTAGES OF A PROPRIETORSHIP ADVANTAGES DISADVANTAGES EASE OF FORMATION OWNER CONTROLLED YOUR OWN BOSS PROFITS ARE NOT SHARED LIMITED RESOURCES UNLIMITED LIABILITY LIMITED EXPERTISE LIMITED LIFE OBLIGATIONS TO FOLLOW LAW

8. LESSON 1-1 THE ACCOUNTING EQUATION MUST BE IN BALANCE! ASSETS LIABILITIES OWNER’S EQUITY ASSETS = LIABILITIES + OWNER’S EQUITY

9. THE ACCOUNTING EQUATION LESSON 1-1 page 8

10. LESSON 1-1 ACCOUNTING CAREERS

11. TERMS REVIEW accounting accounting system accounting records financial statements service business proprietorship asset equities liability owner’s equity accounting equation ethics business ethics LESSON 1-1 page 9