AON
Aon Company is a financial services
company that provides accounting
and other financial services for a
broad range of clients including
insurance agencies and other large
corporations. They have over 100
offices around the globe with about 9 billion
dollars in annual revenue. The role of accountants
in Aon is central to its business.
The video discusses managerial, financial and tax
accounting and the roles that each play at Aon. The
central role that accounting plays in any organization
is that of organizing, categorizing and interpreting
financial data. Accounting is probably the oldest
business function; in fact, earliest languages were
based on the recording of transactions.
The video details the six-step accounting cycle
from the analysis and recording of transactions
through the preparation and analysis of financial statements.
The basic accounting equations such as Assets
= Liabilities + equity and Revenue - COGS = Gross
Margin are discussed within the context of Aon.
In addition to the traditional accounting roles
offered by Aon, they provide catastrophe modeling
for insurers and re-insurers in assessing the potential
financial impacts of hurricanes. They also have pioneered
the terrorism financial model after they lost
175 colleagues in the 9/11 disaster.
Discussion Questions
What is the definition of Gross Margin?
What is the difference between an income statement
and a balance sheet?
