ACCT 2102 1st Edition Lecture 1 Outline of Last Lecture None Outline of Current Lecture First day of class I Accountants and their jobs II Ethics Current Lecture Introduction to Managerial Accounting Chapter 1 Part 1 I Accountants and their jobs When you think of an accountant what do you picture o Little old lady man at a desk crunching numbers o Someone at a desk alone filling in spreadsheets all day o Boring mundane red stapler Chapter 1 includes several quotes from accountants at Abbott Laboratories Caterpillar and U S West After reading these quotes how would you describe the role job responsibilities of accountants o Analyze revenue and expenditure trends and recommend appropriate budget levels and ensure expenditure control o Prepare profit and loss statements and monthly closing and cost accounting reports o Compile and analyze financial information to prepare entries to accounts o Analyze and review budgets and expenditures for local state federal and private funding contracts and grants o Monitor and review accounting and related system reports for accuracy and completeness o Prepare and review budget revenue expense payroll entries invoices and other accounting documents o Interact with internal and external auditors in completing audits These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute Many if not most accounting majors start their careers in public accounting Do you think most of them stay in public accounting o Most probably do stay in public accounting Some may be employed by firms or by the general public What do you consider to be a typical career track for accounting majors o A typical career track for an accounting major would be to become a certified public accountant What career tracks are available o Forensic Accountant Accountants who investigate financial crimes and insurance fraud on behalf of companies and public law enforcement agencies Often their work will result in criminal charges and they can be called upon to testify in trials o IRS Criminal Investigation Special Agent Embezzlement extortion and even murder are just a few of the crimes that these accountants uncover o Chief Financial Officer CFO International Accountant Financial Analyst Personal Financial Planner General Auditor II Ethics Do you think most people strive to be ethical in their day to day lives At school At their jobs o Yes most people strive to be ethical What motivates people to consider acting unethically o Money or some type of reward which can be reached over time but people want it now What prevents people from acting unethically when they are tempted o Fear of being caught fired or even having criminal charges come against them if they are found Consider the IMA s ethical principles o Honesty Fairness Objectivity and Responsibility IMA s ethical standards o Competence Confidentiality Integrity and Credibility
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