Acct 1 Chapter 1

Patchogue-Medford High School

Accounting I – Chapter 1 Notes

Mr. Butzke

Chapter 1 – You and the World of Accounting                        Page 6

 

Objective: To have students define and describe personal skills, values, and goals that will be important to a specific career. They will then describe these as they apply to an accounting career.

 

Section 1 – Exploring Careers

 

We need to have a plan when it comes to a career.

   - Why do we choose a specific career?

   -  How do we choose a specific career?

            1. What are you personal interests and skills?

            2. What are your values and how do they affect your career?

            3. What life style interests you?

            4. How will your personality affect your career choice?

 

What is a skill? – An activity that you do well  (page 8)

- Skills traits – Creative thinking, knowing how to learn, being responsible, friendliness, honesty, decision making, analytical, adaptability, self-control, and self-esteem.

 

What is a value? – Principles that you live by and beliefs that are important to you.

         Different values are:

  • Responsibility – being dependable
  • Achievement – being successful
  • Relationships – interaction with friends and family
  • Courage – being brave in the face of danger or the ability to overcome fear
  • Recognition – acknowledgement and appreciation of your work

 

 

Section 2 - Life Style Goals

 

This is the way you choose how to use your time, energy, and resources.

  • What is really important to you
    • Is it money?
    • Is it where you live?
    • Is it who you live with?
    • Is it where you work and what you do?
    • Is it vacations?

You pick life styles that are important to you.

 

*** Choose a TV or Movie personality that best fits you and tell why***

 

Things that will help you with determining your career goals

  • Map out a plan
  • Educational needs
  • Experience (internships)
  • 5 Steps of a Career Profile (page 11)
    • Values
    • Interests
    • Personality
    • Skills and Attitudes
    • Education and Training

 

Section 3 – Accounting Careers

 

         The work is both dry and dynamic and can be financially rewarding. Other careers are driven off of an accounting background. Jobs are available and salaries are high.

         An accountant can handle a broad range of responsibilities:

  • Business decisions
  • Prepare and interpret financial data
  • Policy and procedures
  • Budgeting
  • Office issues
  • Personnel issues
  • Staffing
  • Purchasing

 

Two types of businesses:

  • For profit – earns money for owners
  • Not-For-Profit – protects and preserves environment, causes, issues

 

Two types of Accounting Careers

  • Private – work for one company in an accounting department where you maintain the daily books and records. You also prepare reports for internal management on a weekly and monthly basis. Intermittent long hours.
  • Public – work for clients and check the daily work by accounting departments to make sure the accounting rules, and SEC rules are being followed. They provide accounting services such as audit, tax, and consulting. The biggest firms are referred to as the “Big Four”; Earnst & Young, PricewaterhouseCoopers, Deloite & Touche, and KPMG.

 

 

 

There are many types of accounting jobs with education and experience requirements. (page 17 & 18)

         -  High school or two year college degree

                           - Accounting Clerk

- Four year degree and then an MBA and or CPA

                           - General Ledger Accountant

                           - Management Accountant

                           - Auditor

                           - Government Accountant

                           - Auditor

                           -International Accountant

                           - Forensic Accountant

        

- CPA – Certified Public Accountant

                  - Must meet certain education and experience requirements

                  - Must pass a 4 part national exam with expiration dates once you pass a part

 

 

 

 

         Terms – Page 21

         Questions – Page 22

 

Problems

 

 

Prob.  1-1             Studying yourself                    TB pg 13        WB pg 2

Prob.  1-2             Career Resources                    TB pg 13        WB pg 3

Prob.  1-5             Public Acct Firms                   TB pg 19        WB pg 8

Prob.  1-9             Assessing your skills & interest TB pg 23       WB pg 10

(Prob. 1-11           Summarize Personal Traits       TB pg 24        WB pg 11)