Proficient Level of Accounting

Added on - 28 May 2020

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ANSWERAns 1Proficient Level- Accounting is the process whereby each transaction that takes place during thecourse of the business are recorded, classified, summarized in a defined manner and interpretsthe results thereof.Book keeping is the process whereby the recording of transaction takes place in significant anddefined manner. Double entry book keeping is the process which affects two sidessimultaneously (Sangster, 2015).Information that is critical to the accounting function is – Monetary Information of revenue andcapital expenditure and income. (Shim and Siegel, 2015).Distinguished Level- Three groups of function are recording, classifying and summarizing.Recording pertains to enter the detail of transactions, classifying pertains to classification of eachtransaction according to the nature and summarizing pertains to giving brief of the data.Ans 2Proficient Level and Distinguished Level– Following are the major five opportunities availablefor careers in the accounting profession:-Self Employed – The student is required to obtain the degree of Certified PublicAccountant after passing of the exams held by the American Institute of Certified PublicAccountants.-Employment in Private Sector – In this, any student has studied accounting can go for jobin the private sector companies.-Auditing – Auditing is the process where accountants conducts the analysis of thefinancial statements. The student can join CPA Firms.-Tax Return – Accounting also involves the imparting of the knowledge of tax relatedissues and accordingly can prepare and file the tax return.
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