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ENGLISH LANGUAGE IN ACCOUNTING
Page 1 of 122 Unit One
Accounting Profession
INTRODUCTION OF ACCOUNTING. Accounting is a process of recorded, classifying, summarizing, and interpreting of those business activities that can be in expressed in monetary
terms. A person who specializes in this field is known as an accountant.
Accounting frequently offers the qualified person an opportunity to move ahead quickly in
today’s business world. Indeed, many of the heads of large corporations throughout the world have
advanced to their position from the accounting department. Accounting is a basic and vital element
in every modern business. It records the past growth or decline of the business. Careful analysis of
these results and trends may suggest the ways in which the business may grow in future. Expan-
sion or reorganization should not be planned without proper analysis of the accounting informa-
tion; and new products and the campaign to advertise and sell them should not be launched with-
out the help of accounting expertise.
Accounting is one of the fastest growing professions in the modern business world. Every
new store, school, restaurant, or filling stationindeed, any new enterprise of
any kindincreases
the demand for accountants. Consequently, the demand for competent accountants is generally
much greater than the supply. Government officials often have a legal background; similarly, the
men or women in management often have a background on accounting. They are usually familiar
with the methodology of finance and the fundamentals of fiscal and business administration.
DISTINCTION BETWEEN BOOKKEEPING AND ACCOUNTING Earlier accounting
procedures were simple in comparison with modern methods. The simple bookkeeping procedures
of a hundred years ago have placed in many cases by the data-processing computer. The control of
the fiscal affairs of an organization must be as scientific as possible in order to be effective.
In the past, a bookkeeper kept the books of accounts for an organization; the present-day ac-
countants’ job developed from the bookkeepers’ job. Today, a sharp distinction is
made between
the relatively unchanged works performed by a bookkeeper and the more sophisticated duties of
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the accountants. The bookkeeper simply enters data in financial records books; the accountant
must understand entire system of records so that he or she can analyze and interpret business
transaction. To explain the difference briefly, the accountant sets up a bookkeeping system and
interprets the data in it, whereas the bookkeeper performs the routine work of recording figures in
books. Because interpretation of the figures is such an important part of the accountant’s function,
accounting has often been described as an art.
DIVISIONS OF ACCOUNTING The field of accounting is divided into three broad divisions:
public, private, and governmental. A certified accountant or a CPA, as the term is usually abbrevi-
ated, must pass a series of examinations, after which he or she receives a certificate. In the United
States, the certification examinations are prepared and administered by the American Institute of
Certified Public Accountants. The various states or other major governmental jurisdictions set ad-
ditional qualifications for residence, experience, and so on. The British equivalent for a CPA is
called a charted accountant.
CPA
CPA CPAs can offer their services to the public on an individual consultant basis for which they
receive a fee. In this respect or many others, they are similar to doctors or lawyers. Like them,
CPAs may be self-employed or partners in a firm; or they may be employed by an accounting
firm.
Many accountants worked in government offices or for nonprofit organizations. These two
areas are often joined under the term government and institutional accounting. The two are similar
because of legal restrictions in the way in which they receive and spend funds. Therefore, a legal
background is sometimes necessary for this type of accounting practice.
All branches of governments employ accountants. In
addition, government-owned corpora-
tion have accountants on their staffs. All of these accountants, like those in private industry, work
on a salary basis. They tend to become specialists in limited fields like transportation or public
utilities.
ENGLISH LANGUAGE IN ACCOUNTING
Page 3 of 122 Nonprofit organizations are, of course, in business for some purpose other than making
money. They include cultural organizations like symphony orchestras or opera societies, charitable
organizations, religious groups, or corporate-owned r