Introduction to Accounts

Section 1: Accounting As A Profession

OBJECTIVES
• Explain the concept and purpose of Accounting
• Identify the users of accounting information
• Describe traditional and emerging careers in the field of Accounting
• Discuss ethical issues in the field of Accounting
What is Accounting
Definition of accounting
What is Accounting?
PURPOSE OF ACCOUNTING
USERS OF ACCOUNTING
INFORMATION
EXTERNAL USERS
CAREERS IN ACCOUNTING
• BANKING
• MANAGEMENT
• INSURANCE
• ENTREPRENEURSHIP
THE ENTREPRENEUR – STEVE JOBS
Activity
• Take a few moments and think about what career/job you what to do.
• Each person can share their Name and Career Path.
• Research to do: Choose one career from the following field banking,
management, insurance, entrepreneurship, and accounting and do a
job description for that position.
ETHICAL ISSUES IN THE FIELD OF
ACCOUNTING
• What is an Ethical Issues?
• Describe what is the code of ethics in a company?
• What is Ethical Principles?
• What is Appropriate and Inappropriate Ethical Principles?
• What is Accounting Principles?
• What is Appropriate and Inappropriate Accounting Principles?
• Describe the following Inappropriate Accounting Principles: Fraud; Tax
Invasion?
• What is the results of inappropriate application of accounting principles for
example law suits, loss of jobs, loss of integrity, imprisonment and fines?
What is Ethical Issues?
• This is a problem or situation that requires a person or organisation to
choose between alternatives that must be evaluated as right (ethical)
or wrong (unethical).
• Ethical issues often deal with :
• What is right and what is wrong
• What is good and what is bad
• What rights and responsibility people should have.
CASE STUDY VIDEO
Describe what is the code of ethics in a company?

• Ethical codes are adopted by organisations to assist members in

understanding the difference between ‘right’ and ‘wrong’ and in
applying that understanding to their decisions.
• An ethical code generally implies documents at three levels:
• Codes of business ethics
• Codes of conduct for employees
• Codes of professional practice.
CODE OF ETHICS – PAGE 8
CODE OF ETHICS
WHAT IS ETHICAL PRINCIPLES?
WHAT IS ETHICAL PRINCIPLES?
WHAT IS ETHICAL PRINCIPLES?
APPROPRIATE APPLICATION OF THE
ETHICAL PRINCIPLES
INAPPROPRIATE APPLICATION OF THE
ETHICAL PRINCIPLES
WHAT IS ACCOUNTING PRINCIPLES?
APPROPRIATE APPLICATION OF
ACCOUNTING PRINCIPLES
INAPPROPRIATE APPLICATION OF
ACCOUNTING PRINCIPLES
DESCRIBE THE FOLLOWING
INAPPROPRIATE ACCOUNTING
PRINCIPLES?
DESCRIBE THE FOLLOWING
INAPPROPRIATE ACCOUNTING
PRINCIPLES?
RESULTS OF INAPPROPRIATE
APPLICATION OF ACCOUNTING
PRINCIPLES