Accounting Chapter 1: Introduction to Accounting

Terms to Know

  1. Skills are tasks and other things that you do well.
  2. Values are what is important to you; principles you live by.

  3. Lifestyle refers to personal choices that impact how you live. Your values will impact your lifestyle.

  4. Personality is what makes a person who they are and will impact how one lives their life and how they appear to others.

  5. Personality traits are individual aspects of your personality; shy vs outgoing, quiet vs loud, etc.

Careers in Accounting:

Accountants must communicate well so they can share information with people who have no accounting knowledge.

  1. Financial accountant: records financial activities; prepares financial reports to show company’s financial stability

  2. Managerial accountant: analyzes and interprets financial accounting information to help make business decisions

  3. Cost accountant: analyze and control business costs for operations and manufacturing

  4. Tax accountant: prepare tax returns (for people and businesses); do tax planning

  5. Systems accountant: design accounting systems that track and report on a businesse's finances

  6. Auditor: studies a business’s accounting records for accuracy and reliability

  7. Personal financial planners: help people manage their personal investments

  8. Private accountant: works for one business only

  9. Public accountant: does account at different businesses