complete presentation

Chapter 1: Introduction

• Presenters: Mary Young, Sabrina, Darien, Annie, Robert

• What is Accounting?

  • Main means of recording, organizing, and summarizing financial data of businesses

  • Known as the language of business reflecting a company's financial status

  • Essential for good business planning and tracking growth

  • Provides utility for budgeting, planning, and understanding operations

• Relevance of Accounting in Business

  • Helps organize and review financial data for decision-making

  • Ensures compliance with rules, protecting the company’s reputation

  • Aids in investment choices and growth planning by providing clear financial insights

  • Serves as a tool helping businesses achieve their goals

Chapter 2: Corporate Accounting Field

• Career Options in Accounting

  • Public Accounting Firms: Services for individuals to large corporations across industries

    • Roles Include:

      • Auditors: Ensure accuracy and compliance in financial statements

      • Tax Advisers: Assist clients with complex tax codes

      • Forensic Accountants: Investigate financial discrepancies and fraud

      • Consultants: Provide strategic advice on internal controls and risk management

  • Corporate Accounting Professionals: Manage internal finances of businesses

    • Roles Include:

      • Financial Analysts: Data analysis to guide decisions

      • Controllers: Oversee accounting departments and compliance

      • CFOs: Manage overall financial health of the company

      • Cost Accountants: Analyze production costs and pricing strategies

  • Government and Nonprofit Accounting:

    • Ensure compliance with budgeting and regulations

    • Work with entities like the IRS

    • Fund Accountants: Track and report on restricted funds

  • Financial Services:

    • Financial Planners: Work on investments and wealth management

    • Investment Banking Analysts: Assist in mergers and acquisitions

Chapter 3: Accounting Professionals

• Specialized Roles:

  • Risk Management Specialists: Develop strategies to mitigate financial threats

  • Environmental Accountants: Assess financial impacts of eco-friendly practices

  • International Accountants: Navigate cross-border transactions and tax implications

  • Management Accountants: Provide insights for cost control and budgeting

• Impact of Technology:

  • Roles involve financial software and data management

  • IT Auditors ensure compliance with regulations and data accuracy

  • Bridging traditional accounting with data-driven technology

• Academia and Research:

  • Professors and researchers contribute to education and industry advancements

  • Publications influence regulatory standards and academic theories

• Consultants in Accounting:

  • Independent CPAs provide specialized services to clients

Chapter 4: Practicing Public Accounting

• Job Skills and Responsibilities:

  • Types of Accounting: Cost, financial, forensic, management, and tax

  • Common Skills:

    • Analytical and critical thinking: Important for interpreting financial statements

    • Attention to detail: Ensures accuracy in financial reporting

    • Communication: Essential for teamwork and client relations

    • Organizational skills: Important in conveying complex information

  • Responsibilities:

    • Obtain Certified Public Accountant license

    • Uphold ethical decision-making following GAAP (Generally Accepted Accounting Principles)

    • Examine and ensure compliance of financial statements and accounting systems

Chapter 5: Accounting Principles

• Model of Integrity:

  • Accountants must make decisions benefiting company integrity

  • Examine financial statements to ensure adherence to laws and regulations

• Principle Compliance:

  • Key role in ensuring clarity and accountability in financial systems

Chapter 6: Opportunities in Accounting

• Notable Companies:

  • Researching companies for career opportunities is important

  • Companies in Virginia include:

    • Thompson Greenspan

    • Cha Group

    • RKN Accountants

    • McGruder Group

    • Sangho CPA

  • Companies provide extensive services: financial advisory, tax preparation, and analytical planning

  • Reputation factors: service quality, speed, transparency, and cost-effectiveness

Chapter 7: Accounting Networking Events

• Professional Engagement:

  • Students encouraged to attend business events related to accounting to network and learn

  • Example event: 2026 Accounting Horizons Conference

  • Community events: Networking at local venues such as Mulligan's Pub and Grill

• Finding Events:

  • Utilize platforms like Google, Facebook groups, and LinkedIn to find events

  • Exposure to local opportunities and expanding professional connections

Chapter 8: Impact of the Pandemic on the Accounting Industry

• Initial Effects:

  • Decline in demand for accountants as economic activity slowed

• Recovery Phase:

  • Noticeable increase in business activity and investor confidence

  • Recovery benefits accounting firms stabilizing the sector

• Current Landscape:

  • Surge in demand from banks and financial institutions

  • Decline from manufacturers and retailers

• Role of Technology:

  • Automation pushing accountants towards strategic and analytical roles

  • Opportunities for accountants to become value-adding advisors

  • Continuous learning required to adapt to globalization and digitalization challenges.