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ลำดับตอนที่ #1 : [[R.S.]]Accounting Test::Chapter.1 to 2::24.8.11
Review Sheet of Accounting for
Chapter 1 & 2 Test* 24.Aug.2011
Chapter.1 :: You and the World of Accounting [[Page.4]]
1-1 Exploring Careers [[Page.6]]
- A successful career begins with insight into your own personal skills, interests, traits, values, goals, personality traits, and lifestyle preferences
· Skills are activities that you do well.
ð Personal skills and traits play major roles in how successful you may be in certain careers. Get to know yourself. What you value and believe plays a vital role in deciding what you want to pursue as a career.
· Values are the principles you live by and the beliefs that are important to you.
ð Responsibility = being responsible means being dependable and taking positive actions (suited career: supervisor, manager)
ð Achievement = you value achievement if you want to be a success in whatever you do
ð Relationships = value interaction with your friends and family
ð Compassion = care deeply about people, animals, or special causes (suited career: animal research, marine sciences)
ð Courage = being brave in face of physical danger AND ability to overcome other fears (suited career: politics or law)
ð Recognition = acknowledgement and appreciation of your work is important to you (suited career: novelist, TV news reporter)
· Your lifestyle is the way you use your time, energy, and resources.
· We each have our own personality – a set of unique qualities that makes us different from all other people. It affects your preferences for working with data, people, or things.
- Researching career possibilities can include sessions with a guidance counselor, networking with friends and family, magazines and books, the Internet, and seeking information from professional organizations. Research jobs, salaries, geographic locations, work environments, and growth potentials.
· Through guidance counselors, you can do a personal interest tests to help you identify your preferences.
· Networking is a way to find out about particular careers by asking people to share information and advice.
- To set and accomplish career goals:
· Map out a plan = the easiest way is by making a chart
· Consider the education required
· Find a part-time job to get some on-the-job training
· Check into internships available in your field of interest
1-2 Accounting Careers: The Possibilities Are Endless! [[Page.14]]
- An accountant handles a broad range of responsibilities, makes business decisions, and prepares and interprets financial reports.
- For-profit businesses operate to earn money for their owners. The majority of businesses in U.S. are for-profit businesses.
- Not-for-profit organizations have similar accounting needs, with the goal of balancing their income with expenses rather than earning a profit for owners or investors.
· Ex. government agencies such as school or federal agency
- An accounting clerk is entry level job usually performing one or two accounting tasks
- A certified public accountant, or CPA, pass a national test and meet specified experience and education standards to become “certified” to practice accounting.
- You might choose to work for a public accounting firm and provide accounting services to their clients. Consultants who work for those big public accounting firms might analyze business opportunities and help a company decide about the location of new factory or a new product line or etc.
- Accountants work for almost any company you can think of. Find a company you’re interested in, and you can bet there’s an accountant in the picture planning next year’s budget, chasing down an expense report from the owner, or advising managers on financial issues.
Chapter.2 :: The World of Business and Accounting [[Page.24]]
2-1 Exploring the World of Business [[Page.26]]
- In a free enterprise system people are free to produce the goods and services they choose. It is based on individual freedoms to use their money.
· Competition among businesses to attract customers is a key element of the free enterprise system.
- Businesses need to operate profitably in order to continue.
· The amount of money earned over and above the amount spent to keep the business operating is called profit.
· Businesses that spend more money than they earn operate at a loss.
- Two things business must do to survive: it must operate at a profit and it must attract and keep an individual willing to take the risk to run it.
- Entrepreneurs transform ideas for products or services into real-world businesses.
· They are motivated self-starters willing to take the necessary risks to create profitable and useful businesses. Also, they are willing to take risks and make things happen.
- While everyone is different, people who become successful entrepreneurs tend to have similar traits, such as a strong desire to succeed, the ability to solve problems, and creative ideas for business services or products.
· Strong organization skills, marketing knowledge, and accounting skills are three areas of expertise that contribute to successful business ownership.
- The 3 types of businesses in free enterprise system are service, merchandising, and manufacturing. Each needs money to buy or make products, and to cover operating costs like rent, utilities, and wages.
· Money supplied by investors, banks, or owners of a business is called capital.
- A service business provides a needed service for a fee. It includes travel agencies, styling salons, movers, repair shops, real estate offices, and medical centers.
- A merchandising business buys finished products and resells them to individuals or other businesses. Department stores and hobby shops are one of them.
- A manufacturing business buys raw materials, such as wood or iron ore, and transforms them into finished products through the use of labor and capital. It then sells the finished products to individuals or other businesses.
- Sole proprietorships, partnerships, and corporations are 3 forms of business.
· A sole proprietorship is a business owned by one person. It is the oldest and most common form of business organization that is the easiest form to start.
ð Little or no legal paperwork is required. The success or failure of the business depends heavily on the efforts and talent of the owner.
· A partnership is a business owned by two or more persons, called partners, who agree to operate the business as co-owners.
ð Business partners usually enter into a written, legal agreement which specifies the amount of money or property to be invested by each partner, the responsibilities of each partner, and how profits and losses are to be divided.
· A corporation is a business organization that is recognized by law to have a life of its own. It must get permission from the state to operate unlike the sole n partnership ones. This legal permission, called a charter, gives a corporation certain rights and privileges.
ð To raise money needed for business, shares of stock are sold to many, many people. These shares represent investments in and ownership of corporation. Shareholders, who are also called stockholders, are the legal owners of a corporation.
Sole Proprietorship | |
Advantages | Disadvantages |
Easy to set up All profits go to owner Owner has total control Few regulations to follow | Limited expertise Hard to raise money Owner has all the risks Hard to attract talented employees |
Partnership | |
Advantages | Disadvantages |
Easy to start Skills and talents are pooled More money available | Conflicts between partners Profits must be shared Owners share all risks |
Corporation | |
Advantages | Disadvantages |
Easier to raise money Easy to expand Easy to transfer ownership Losses limited to investment | Costs more to start up Complex to organize More regulations Higher taxes |
2-2 Accounting: The Universal Language of Business [[Page.32]]
- The accounting system is designed to collect, document, and report on financial transactions affecting the business.
· In a manual accounting system the accounting information is processed by hand.
· In a computerized accounting system the financial information is recorded by entering it into a computer.
- All accountants use the same set of rules, called “generally accepted accounting principles” or GAAP to prepare financial accounting reports.
· Financial reports are summarized information about financial status of a business.
- Because it is so fundamental to the communication of financial information, accounting is often called the ‘language of business.
- There are two types of accounting reports that are used by two groups of people:
· Financial accounting reports are often used by individuals outside the business to make decisions, such as whether to buy stock in a company or to loan money to the company.
ð Financial accounting focuses on reporting information to external users. It’s prepared using GAAP.
ð People use it to estimate if an investment in business would be profitable, to determine whether or not the business will be able to repay loans or whether the business is paying proper amount of taxes, etc.
· Management accounting reports are used by individuals inside the business to make decisions, such as whether to cut costs or to hire more workers.
ð Management accounting focuses on reporting information to management. It’s prepared for managers involved in making day-to-day operating decisions
- The GAAP are based on three important accounting assumptions which are business entity, going concern, and accounting period.
· A business entity exists independently of its owner’s personal holdings. The accounting records and reports are maintained separately and contain financial information related only to business, not business owner’s personal financial activities
· A period of time covered by an accounting report is referred o as an accounting period. The most common period is one year and it is necessary when comparing reports from one period to the next and also when paying for buildings or equipments over the estimated period of time they will be used.
· A business is expected to continue as a going concern. The accountant assumes the business will continue to operate unless it is clear that it cannot survive.
Ps. First review of my last school year!
Sorry for any mistakes, didn’t type review sheet during summer might cause me some errors here n there :D
GDLUCK in the first accounting test na ka
DOWNLOAD LINK =D
http://www.mediafire.com/?9xuu94kdygr9g30
thank you thank you thank you !
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