MEMORY GAME…

INSTRUCTIONS
❑ I’ll be showing pictures on the screen.
❑ You will be viewing each picture for 20 seconds.
❑ The task of each group is to list down the things, as many as you can,
you have seen in the picture.
❑ You will be given 1 minute to list it down.
❑ The group to have the lowest correct things listed will be eliminated
and answer the question.
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ACCOUNTING
Differentiate accounting from
bookkeeping
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DEFINITION
“The art of recording, classifying, summarizing,
in a significant manner and in terms of money,
transactions and events, which are in part at
least, of a financial character and interpreting
the results thereof.”
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Accounting
▫ Information system that provides reports
to users about the economic activities
and condition of a business
▫ “language of business”
Historical Background of Accounting 17

Ishango Bones; Public Stock

Cuneiform; Papyrus Exchange

The ancients The traders

The merchants The industrialists

Double entry Manufacturing

accounting system elements: machines,
(Fray Luca Pacioli) inventories and pricing
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Computerization and Internet

▫ Development of IC (integrated circuit) or microchip or
chip in 1959
▫ World Wide Web- allows user to access files and
programs
▫ Accounting services were among the first services to
be outsourced globally
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USERS of
Accounting Data
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Users of Accounting Data

Internal External
Users Users
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Internal Users
▫ These users are directly involved in managing
and operating the business. (managers and
employees)
▫ They are allowed to access sensitive
information which are not distributed outside
the business (e.g. information about
customers, prices and plans of expansion)
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External Users
▫ These users are NOT directly involved
in managing and operating the
business.
▫ It includes the investors, creditors,
customers and the government.
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ACCOUNTING
as a Profession
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Accountants
▫ Professional that performs
accounting functions such as audits
or financial statement analysis
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Careers in Accounting
▫ Forensic Accounting
▫ Management Accounting
▫ Public Accounting
▫ Financial Accounting
▫ Auditing
▫ Government Accounting
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Areas of Accounting Practice

▫ Private Accounting
▫ Public Accounting
▫ Government Accounting
▫ Academe or Accounting Education
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Private Accounting
▫ It concerns with the collection and
analysis of financial data within a
particular company.
▫ Private accountants assist managers and
executives in making business decisions
by providing them sound financial data.
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Public Accounting
▫ It refers to a business that provides
accounting services to other firms.
▫ Public accountants provide accounting
expertise, auditing and tax services to
their clients.
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Government Accounting
▫ It refers to the process of recording and
managing all the financial transactions incurred
by the government which includes income and
expenditures.
▫ Accountants help the government agencies in
planning, budgeting, forecasting and allocating
funds.
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Academe/
▫ This area is made up of accountants who
are into teaching, research, and training
and development.
▫ They can pursue a career such as faculty
member, author of an accounting book,
researcher, trainer or reviewer.
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THANKS!
Any questions?