accounting power point
TRANSCRIPT
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Accounting
Keith Cherry, Molly Ford, RJ Dunnigan, Eric Veguilla,Vanessa Haupt and Riley Ahrens
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What is Accounting?
Accounting is a discipline which provides financial information that is essential to the efficient conduct and evaluation of the activities of an organization.
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Different Sectors of Accounting
Financial – Analysis for people on the outside of an organization. Information based off of a companies accounting records.
Managerial – Analyzes information for the managers of an organization.
Auditing - Auditors check the validity of the information within an organization.
Tax – Responsible for preparing tax returns.
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Financial Statements
An essential part of being an accountant is being able to understand and prepare financial statements.
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Debits and Credits
Understanding what debits and credits are is also a fundamental part of accounting (double-entry accounting).
The link below will provide a clip that easily explains debits and credits.
http://www.youtube.com/watch?v=gaZiAiETW_Y&feature=related
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Fields of Accounting
AuditTaxFinancial and
Management
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Skills Required
People SkillsSale SkillsCommunication skillsAnalytical SkillsAbility to SynthesizeCreative AbilityInitiativeComputer Skills
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Job Requirements
Being a team oriented personStaying on top of new technologyHaving a strong business networkHaving good people skills
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Useful Traits
Being good with numbersBeing a good communicatorPaying close attention to detailsManaging your time successfullyBeing committed and motivated
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Ethics in Accounting
"Ethics in its broader sense, deals with human conduct in relation to what is morally good and bad, right and wrong. It is the application of values to decision making. These values include honesty, fairness, responsibility, respect and compassion." ~ Rushworth Kidder (President, Institute for Global Ethic).
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The Importance of Ethics in Accounting
Fraud is the result of not having an ethical accountant. Fraud: an intentional deception of a company’s assets. Leads to the manipulation of a company’s financial
data in order to receive an advantage.
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Losses due to unethical behavior Costs of legal action that has to be taken Costs of reduced productivity Unemployment Bankruptcy
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Trust
Fair- not misleading any sort of information.Being unbiased- staying true to the right
direction. Without trust a relationship can not be formed. Once
the trust is broken the company is at risk of bankruptcy because establishing trust once broken is really not an option in many peoples eyes.
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In the absence of trust…
Market’s crash- stock market in 1929. Leading to the Great Depression
Audit FailuresEnron
Hiding debts Damaged public confidence in corporate America. The cost of this fraud was immeasurable to the
economy.
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Competence and Ethics
No matter how ethical you are if you do not know about the company there is no way that the public can be protected.
Audit Failures come from, in many instances, incompetence.
Unimpeachable Ethics is very much needed as well.
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Ethics
Ethical rules are what define a person’s ability to think and act
These set of rules state boundaries in the corporate world to maintain an important concept by which any accountant is to follow.
Accounting Ethics: “ A set of distinct guidelines for a business to maintain clean balance sheet, accounting for their profits, losses and expenses incurred and prevent it from mishandling financial reports and statements.”
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Behavior is Ethical if…
A choice is in accordance with one’s value, which are based upon the correct principles.
One chooses the choice that is more right, more moral, and more fair than the others.
Showing integrity Consistently choosing to make ethical choices when
faced with various situations
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Prerequisites
Prerequisites for Accounting
Courses
ACC 1101 (Principles of Accounting)
HON 1101 (Intro to
Accounting)VSB 2010 (Financial
Management &
Reporting)
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Required Courses
Intermediate
Accountin
g I
Intermediate Accounting II
Auditing
Federal
Income Tax
Must be taken to earn a degree in
Accounting
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Electives
ACC 2340 (Accounting Info Systems)
ACC 2470 (Cost Accounting)
ACC 2480 (Advanced Taxes)
ACC 2420 (International Accounting)
ACC 2450 (Advanced Accounting)
ACC 3350 (Fraud Examination)
There are six elective courses offered for the Accounting
Major
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Electives
Of these six electives, students must select two.
• Each of the courses for the Accounting major is worth 3.0 credit hours
All of these required courses are in addition to the Business and Core Curriculum at VSB
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Opportunities at Villanova
Go visit the Clay Center in Bartley Hall about: Study Abroad Co-Ops Internships
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Study Abroad
London, England (The London School of Economics)
Madrid, SpainGeneva, SwitzerlandShanghai, ChinaEach program takes place during the
summer and includes at least one academic class for credit as well as a six-week long internship with a local business
Coordinate with both the Clay Center and the Office for International Studies
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Co-Ops
Delaware Country District Attorney’s Office Forensic Accounting/Economic Crimes Co-Op
The Johnson & Johnson Finance/ Accounting Co-Op
Requirements Junior status in the Villanova School of Business Majoring in accounting, finance or economics Maintain a 3.0 GPA or higher
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Internships
Spring Accounting Internship Program For Juniors at VSB who are majoring in Accounting Full-time, 14-week, in-depth Dr. James Emig runs the program
Start searching for information in Spring of your Sophomore year at VSB
Meetings and deadlines are posted and Dr. Emig makes certain meetings mandatory for participation
Resume needs to be submitted by July preceding your Junior year
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Companies
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Companies With Local Offices
Mayer Hoffman McCann, Larson Allen Weishair & Co., Smart and Associates, Parente Randolph, Withum Smith & Brown, Goldenberg Rosenthal, Beard Miller Company, Schneider Downs & Co., Hill Barth & King, Alpern Rosenthal & Co., Morris J. Cohen & Co., and Mitchell & Titus all have offices in Pennsylvania
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Outlook
Overall: very bright futureAbout 1.3 million jobs in 2008Expected to grow by 22 percent between
2008-2018 Increasing number of businesses Strict corporate rules and government laws Importance of the stakeholder
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Jobs
Public Accountant
Management Accountant
Government Accountant
Internal Auditor
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Salaries
Top 10%: $102,380
Bottom 10%: $36,720
Median in May 2008 Survey: $59,430
Source: http://www.bls.gov/oco/ocos001.htm#earnings