Accounting

1024 Words Aug 7th, 2015 5 Pages
Question 1:

* Proficient-level:

* 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.
Answer: According to the Dictionary of Accounting Terms, Accounting is defined as a one step process of recording, measuring, interpreting and communicating financial data by preparing financial statements in order to reflect financial condition and operating performance whereas Double-entry bookkeeping is the record of transactions that require entries in at least two accounts. * What types of information are critical to the performance of the accounting function in an organization?
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* Distinguished-level:

* For each of the selected opportunities, state the education and certification requirements necessary to be considered for employment.
Answer: CPA – CPA’s need to pass an exam prepared and graded by the American Institute of Certified Public Accountants (AICPA). They must also meet other requirements such as obtaining a state license and may vary from state to state. CMA’s are management accountants that pass an exam prepared and graded by the ICMA and also meet other requirements. Other management accountants can become a CIA and do internal audits and must complete the IIA exam given by the Institute of Internal Auditors or IIA. Many CPA’s work in governmental accounting and they have essentially the same educational background as accountants in public accounting and management accounting. For academic accounting it is essentially the same testing and qualifications for CPA’s but the accountants work for a two year or four year university.

Question 3:

* Proficient-level: * 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.
Answer: The two categories are financial accounting and managerial accounting. For financial accounting, information appears in financial statements that are

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