Acc 1

1410 Words6 Pages
Jasmine Travis
Professor Jerry Thomas
July 17, 2014

1. Question 1:
There are several important functions performed in an organization, among which accounting is one of them. Define the accounting function and discuss how it differs from double-entry bookkeeping. Accountants analyze and interpret financial information, prepare financial statements, conduct audits, design accounting systems, prepare special business and financial studies, prepare forecasts and budgets, and provide tax services. Double-entry bookkeeping records the economic activities of a business. Accounting includes bookkeeping but duties are far greater than it.

What types of information are critical to the performance of the accounting
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They also have to have training in public and management accounting. Passing an examination to become a CPA (Certified Public Accountant), obtaining a state licenses, completing specific accounting courses and earned a certain number of college credits (five years of study in many states) and worked a certain number of years in public accounting, industry, or government; and lived in that state a certain length of time before taking the CPA examination

Question 3:
The field of accounting can be divided into two distinct, but sometimes overlapping categories. Describe the similarities and differences between the two categories and provide examples of the users of each type of data that are the result of the work in each category.

The two categories are financial accounting and managerial accounting. Financial accounting are for those outside the business and managerial accounting is inside the business. Financial accounting information relates to the company as a whole, while managerial accounting focuses on the parts or segments of the company. Managerial accounting can use some of the external accounting (Financial) for its statements. With financial accounting,

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