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)