Read the following notes or watch any videos and follow along. At the top be sure to title it "1.1 Purpose of Accounting" and write the name "Nicholas Court'"
These are YOUR notes. Make sure to take them in a way that you understand. It shouldn't be word for word. 

1. All notes must be taken by hand on paper.
2. Your notes should hit all key points in the content.

 

Introduction into Accounting 

Why should we learn about accounting?
Accounting kicks in every time you buy or sell something, pay a bill, get a paycheck, or check you bank balance.  However money factors into your life, accounting helps put it in perspective.  And whether you're interested in accounting for yourself, your business, or as a high-paying, in-demand career, (this course—Accounting 1), will get you started.

Contrary to the widely held belief that accountants have mind-numbingly boring jobs, accounting is truly one of the most fascinating careers in the world.  . . . .

Accounting is known as "the language of business".  This ancient communication decodes the mysteries of money, translating complex financial concepts into clear, bottom-line numbers that anyone can use.  And since we're all interested in money, accounting filters into everyone's life in one way or another.

For as long as people have stored food, or traded spears for pelts, they've figured out some way to account for it.  Then currency came along, which made accounting both easier and more difficult: easier because there was now a concrete way to value things, harder because trading (and the results of trading, like infrastructure and taxes) became much more complex.  Despite how complicated businesses and personal finances have become, accounting continues to bring order and comparability to the chaos.

With clear record keeping and reporting rules to follow, accounting unites governments, businesses, and citizens in an economy, and keeps both the relevant information and the money flowing.  Without it, we couldn't save or invest, we couldn't borrow money to buy our homes, and we couldn't grab cash out of an ATM.  .  .  .  .

Virtually everybody uses accounting information, in both their professional and personal lives.  Every bank statement, credit card bill, and rent check is full of accounting information.  When you double-check the charges on your (restaurant) tab, and tack on a tip, you're using accounting.  When you shop on Amazon.com . . .(or) apply for a student loan, you are providing accounting information. . . .On the business side, accounting is even more pervasive, and most people use at least some accounting information in their jobs every day.  Whether you're ordering office supplies, making change for customers, or printing the payroll checks, you are dealing with accounting information.

All of these small pieces of accounting data add up to the big picture of how your household or your company is faring financially.  . . . . In addition to you, a lot of other people may want to see how you or hour business is doing financially.  If you have a business, those people could include employees who need to track particular numbers to get their jobs done and the company accountant who needs numbers in order to prepare reports and help with the budget forecasting.  This list of outside users is long, varied, and includes:

Loan officers, for everything from mortgages to student loans to business lines of credit
Federal, state and local tax authorities
Anyone who might offer credit to you or your business
Potential and existing investors

These different outside users all have their own reasons for wanting to see accounting numbers.  For example, a mortgage lender wants to see that you have saved enough cash for a down payment, aren't drowning in debt, and have a steady source of sustainable income.  A tax authority like the IRS looks to made sure that you haven't miscalculated your taxable income or your income tax bill.  Creditors look for a lot of the same things that bankers want to see, especially the part where you have a reliable stream of cash coming in.  Investors want to feel confident that you manage your resources well, so they'll eventually see healthy returns.

While all of these outside users of your accounting information want to take in-depth looks at your financial status, there's a catch.  They don't all need the same information, and they probably won't all want it in the same format. 

 

 

Accounting Careers

 

This is a CPA Profile on Ben Ellinson. 
https://www.youtube.com/watch?time_continue=12&v=hNztqkmV-w0

 

There are many accounting career opportunities with varying educational and experience  requirements.

• Accounting Clerk
  • Responsible for recordkeeping for payroll, accounts receivable or accounts payable.
  • Usually requires one to two accounting courses.
  • Requires little or no work experience.
• Bookkeeper
  • Responsible for recording business transactions.
  • In large firms, may supervise accounting clerks.
  • Usually requires one to two years of accounting education plus experience as an accounting clerk.
• Accountant
  • Responsible for preparing financial statements and reports for a business.
  • Possibly supervises bookkeepers.
  • Usually requires a bachelor's degree.
  • Sometimes can be filled with a person who has experience as a bookkeeper or has a two year degree. Size of the firm will impact the education and experience requirements.
• Certified Public Accountant
  • Trusted financial advisor who helps individuals, businesses, and other organizations plan and reach their financial goals.
  • Requires a certain amount of education and experience as well as passing a Uniform CPA exam. Majority of the states require 150 credit hours of education at an accredited college or university as a prerequisite to CPA certification.

Accountants usually choose one of the following career paths to practice:

• Public Accounting
  • Accountants that work for public accounting firms which provide services for other companies. Most accountants are CPAs.
  • Provide services such as:
    
    • Auditing - Reviewing financial statements to assess their fairness and if they adhere to GAAP.
    • Tax Accounting - Involves  tax  compliance  and tax planning.
    • Management Advisory - Helping customers improve their business performance.
• Managerial Accounting
  • Also known as private accounting.
  • Involves working for a single business in industry.
  • Provides financial information about business segments, activities or products.
• Governmental Accounting
  • CPAs in government have responsibilities in the areas of:
    
    • Auditing
    • Financial Reporting
    • Management Accounting
  • Types of Governmental Accounting
    
    • Federal Government
      
      • Some areas in which accountants work at the Federal Level are:
        
        • FBI
        • IRS
        • Securities and Exchange Commission
        • Homeland Security
        • Department of the Treasury
        • General Accounting Office
      • Duties may include:
        
        • Investigating white-collar crime
        • Managing financial statement audits for government agencies
        • Performing research and analysis on financial management issues
        • Testifying before a legislative committee on an audit or on the impact of pending tax legislation
    • State and Local Government
      • CPAs are involved in conducting financial, performance, or compliance audits which may include:
        
        • Analyzing a school district's ability to remain viable
        • The propriety of expenditures for constructing prisons
        • The effectiveness of the worker's compensation system
        • The regulatory compliance of hazardous waste programs

 

Day in the Life of CPA, Sherry Davis, Eli Lilly Company

https://www.youtube.com/watch?v=j8OgPZOh49I