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1.01 Role of Accounting

In this lesson you have learned a little bit about what it means to have an exciting career as an accountant. Just by successfully completing this class, you might be able to get a job as a basic bookkeeper or data-entry clerk. Most professional accountants go on and get a degree in accounting; and if they really want to advance in their field, they will take the CPA exam to become a Certified Public Accountant. Big accounting firms are always looking for college graduates for their internship programs, and these accounting firms will visit major colleges to recruit accounting students.

1. (2 points) Known as the ‘Big 4’, these firms completely dominate the accounting industry, auditing most of the publicly traded companies. Go to the Big 4 Accounting Firms website [] and list the “Big 4 Accounting Firms”

     

     

     

     

2. (2 points) Good pay, great perks, and they have job openings. Each year Fortune Magazine publishes a list of the top 100 places to work. Look at Fortune Magazine’s list as published on [] and see how many of the Big 4 accounting firms you can find.

     

3. (2 points) Whatever your interest, you can turn it into a career in accounting. Go to the AICPA website, look at the section just for high school students at this link []. Select an interest area to see how accounting can take you there and read those career options. Which interest area did you select?

     

4. (5 points) In this lesson you were introduced to several accounting vocabulary words as well as two important accounting equations. You learned that another word for PROPERTY is ASSETS and another way of describing PROPERTY RIGHTS is EQUITY. You also learned that there are two components of EQUITY. See if you can complete the table below:

|PROPERTY |= |PROPERTY RIGHTS/FINANCIAL CLAIMS |

|Assets |= |Equity |

|PROPERTY |= |PROPERTY RIGHTS/FINANCIAL CLAIMS |

|Assets |= |Equity |

|Assets |= |      |+ |      |

5. (5 points) In your own words, describe why there are two components of Equity (also known as Property Rights or Financial Claims).

     

6. (5 points) Review the vocabulary words in this lesson, and list the word you think best measures the success of a business.

     

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