Acc 1
Jasmine Travis
BUS3061
Professor Jerry Thomas
July 17, 2014
1. 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. 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 function in an organization?
All reliable financial information from events or activities.
Distinguished-level:
What are the three groups of functions performed by accountants?
Discuss the activities that are part of each group.
Functions in group 1: Observe- observe events. Identify- Identify those events that are economic events. Measure- Measure economic events in financial terms.
Functions in group 2: Record- record measurements. Classify- classify measurements. Summarize- summarize measurements.
Functions in group 3: Report economic events- report economic events in financial statements and other reports. Interpret financial statements- Interpret the contents of financial statements and other reports.
Question 2:
Proficient-level:
There are many opportunities available for careers in the accounting profession. Select five from the many presented in the Accounting Principles: A Business Perspective, Financial Accounting text and fully describe the nature of the work performed.
Careers in the Accounting profession:
Public Accounting Firms- offer professional accounting and related services for a fee to
Companies, other organizations, and individuals.
Management advisory (or consulting) services- provide accounting
BUS3061
Professor Jerry Thomas
July 17, 2014
1. 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. 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 function in an organization?
All reliable financial information from events or activities.
Distinguished-level:
What are the three groups of functions performed by accountants?
Discuss the activities that are part of each group.
Functions in group 1: Observe- observe events. Identify- Identify those events that are economic events. Measure- Measure economic events in financial terms.
Functions in group 2: Record- record measurements. Classify- classify measurements. Summarize- summarize measurements.
Functions in group 3: Report economic events- report economic events in financial statements and other reports. Interpret financial statements- Interpret the contents of financial statements and other reports.
Question 2:
Proficient-level:
There are many opportunities available for careers in the accounting profession. Select five from the many presented in the Accounting Principles: A Business Perspective, Financial Accounting text and fully describe the nature of the work performed.
Careers in the Accounting profession:
Public Accounting Firms- offer professional accounting and related services for a fee to
Companies, other organizations, and individuals.
Management advisory (or consulting) services- provide accounting