You have today to finish this lesson plan. Take your time and LEARN!!!

GOAL:  Before you finish chapter 1 you will be able to:

  • Describe the purpose of accounting.
  • Describe the accounting process.
  •  Define GAAP and describe the process used by FASB to develop these principles.
  • Define three types of business ownership structures.
  • Classify different types of businesses by activities.
  • Identify career opportunities in accounting.
    1. WATCH THIS VIDEO–It discusses pages 8-13 in chapter 1
    2. What are the main functions of an accounting clerk?
    3. Name and describe 4 areas of specialization for a public accountant.What is the purpose of the Sarbanes-Oxley Act?
      1. FYI: The relationship between the government’s regulatory power (the SEC) and the private industry (the FASB) exists because of accounting scandals that led to the Sarbanes-Oxley Act, which prohibits management advisory and auditing services being provided to the same client/company.
    4. Name and describe 6 areas of specialization for a managerial accountant.
      1. FYI: The largest public accounting firms in the United States are known as the “Big Four”. They are:
        1. Deloitte and Touche
        2. Ernst & Young
        3. KPMG
        4. PricewaterhouseCoopers
  1. Do MANAGING YOUR WRITING on your own. Share it with me.
  2. Go to the STUDENT RESOURCE WEB PAGE and take the Chapter 1 Quiz again. Send the results to tracyweber@bellevue.k12.ia.us
    1. THIS IS AN FYI ONLY–hopefully you noticed that the questions covered not only the information contained in my videos, but also information in the textbook that wasn’t discussed in the videos. It is YOUR RESPONSIBILITY to READ THE TEXTBOOK!!!! You will be successful in this class if you READ THE TEXTBOOK and do the homework on time!!
  3. HOMEWORK: Read pages 20 to 23 in the textbook–DUE NEXT CLASS