A place for unhappy accountants at the big accounting firms to vent and share information about what their firms are doing behind closed doors. Emphasis is placed on understanding the reasons underlying basic accounting concepts and providing students with an adequate background on the recording, classification, and summarization functions of accounting to enable them to appreciate the varied uses of accounting data. Though there’s already a suggested outline for the Introduction to Accounting as enumerated in the revised syllabus issued thru CMO3 S2007 , still, I regrouped the topics according to similar concepts and subjects. We will present the basics of accounting through a story of a person starting a new business.
You may also need to take additional classes (either optional or as part of the core curriculum) to increase the number of credits that you can earn towards your degree. Making the right choices about your academic needs now can make it much easier for you to earn a degree and let potential future employers know about your interests and talents. I have included two of my common outside accounting resources below this section.
In this explanation of accounting basics, and throughout all of the free materials and the PRO materials—we will often omit some accounting details and complexities in order to present clear and concise explanations. He assumes he will use some accounting software, but wants to meet with a professional accountant before making his selection. He asks his banker to recommend a professional accountant who is also skilled in explaining accounting to someone without an accounting background.
At his first meeting with Marilyn, Joe asks her for an overview of accounting, financial statements, and the need for accounting software. She states that accounting software will allow for the electronic recording, storing, and retrieval of those many transactions. Accounting software will permit Joe to generate the financial statements and other reports that he will need for running his business. The business will incur expenses in operating the business, such as a salary for Joe, expenses associated with the delivery vehicle, advertising, etc.
Prepare, examine, or analyze accounting records, financial statements, or other financial reports to assess accuracy, completeness, and conformance to reporting and procedural standards. Develop, implement, modify, and document recordkeeping and accounting systems, making use of current computer technology. Advise clients in areas such as compensation, employee health care benefits, the design of accounting or data processing systems, or long-range tax or estate plans. Prepare forms and manuals for accounting and bookkeeping personnel and direct their work activities.