Bellwork
Financial Reports
Financial Reports 2
Accountants
Pros and Cons
100

What involves collecting, recording, classifying, summarizing, reporting, and analyzing firm’s financial activities according to a standard set of procedures?

Accounting

100

What are the two types of financial reports?

Internal and External

100

What is an Annual Report?

A yearly document that describes a firm’s financial status.

100

What are the 2 types of Accountants?

Public and Private

100

What are the pros for Public Accountants?


Job advancement

Position allows for specialization

Work with a variety of people

Networking Opportunities

Travel opportunity


200

Give examples of collecting financial data.

bank statements, contracts, agreements, verification statements, transportation receipts, invoices, vouchers, bank statements, cash register tape, credit card receipts and sales orders.

200

Describe internal financial reports.

Used within the organization; managerial accounting is used

200

What are the 3 financial statements in an annual report?

Balance Sheet

Income Statement

Statement of Cash Flows

200

Describe public accountants.


Independent Accountants work for a fee

Audit (review) financial statement (important responsibility)

Must complete an approved bachelor’s degree program and pass a test prepared by the American Institute of Certified Public Accountants (CPA).


200

What are the cons for Public Accountants?

Very stressful

Competitive

Long work hours

CPA is usually required


300

Give examples of recording financial data.

  • General ledger
  • Subsidiary ledgers
  • Cash receipts
  • Bank statements
  • Invoices
300

Describe external financial reports.

Used by outsiders that do not work for the organization; financial accounting is used

300

What does annual means?

Yearly

300

Describe private accountants.

Work for one organization

To become a private accountant, you must pass an examination


300

What are the advantages of Private Accounting?

 More relaxed atmosphere

 Steady, flexible work environment

Can reach management level without a CPA



400
Give examples of financial reports.

Balance sheet

Income Statement

Statement of Cash Flows

400

What does GAAP stand for?

Generally Accepted Accounting Principles

400

What is an income statement?

An income statement is one of the three important financial statements used for reporting a company’s financial performance over a specific accounting period.

400

About 1.4 million accountants in the United States that are either public accountants or private accountants.


True

400

What are the cons of Private Accounting?

 Lack of variety in job duties

 Fewer opportunities to specialize in the field


500

What does analyzing financial data means?

breaking data apart, being detail-oriented, being very specific

500

What is the Financial Accounting Standards Board (FASB) responsible for?

Financial Accounting Standards Board(FASB) is a private organization that is responsible for establishing
financial accounting standards in the United States.

500

Give examples of an income statement.


500

According to the Bureau of Labor Statistics, jobs will increase to 10 percent by 2025.

False, it's 2026.

500

What are the 3 basic Accounting Procedures?

The Accounting Equation ( 3 Main Accounting Elements)

Assets

Things owned by a firm

Liabilities

What a firm owes to its creditors

Owner’s Equity or Net Worth

Total amount of investment in the firm minus any liabilities.


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