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Accounting Essay

1031 words - 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 ...view middle of the document...

* 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 intended primarily for external use such as stockholders and creditors. Even though management accountants use this financial information as well managerial accounting focuses on parts or segments of the company.
* Distinguished-level:
* Describe the four major types of internal management decisions that utilize management accounting information.
Answer: The four major types of internal management decisions are Financial decisions such as deciding what amounts of funds are needed in order to run a business, the second is resource allocation decisions such as deciding how the total capital of a company is to be invested, the third is Production decisions such as deciding what products are to be produced, by what means, and when, and the fourth is Marketing decisions such as setting selling prices and advertising budgets plus determining the location of a company’s market and how to reach them.

Question 4: 

* Proficient-level:
* In the development of financial accounting standards there are six organizations that are influential in...

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