ACCT 2102 1st Edition Lecture 1 Outline of Last Lecture:None.Outline of Current Lecture: First day of classI. Accountants and their jobsII. EthicsCurrent 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 privatefunding, 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 insurancefraud 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 AuditorII. 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
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