Biology Term Paper

1964 WordsApr 9, 20148 Pages
Biology 25R 3rd LONG EXAMINATION: TAKE HOME Prepared by William Andrew G. Bulaqueña BS Accountancy-II Prepared for Name: William Andrew G. Bulaqueña Part I. 1. State your intended career: Certified Public Accountant 2. Describe the nature of your career in terms of activities that you will most be doing in carrying out your work. There are many job titles a Certified Public Accountant (CPA) may have: accounts manager, audit manager, audit senior, bookkeeper, cost accountant, credit analyst, etc. CPAs do an extensive range of activities that goes from accounting and auditing to tax activities. We guarantee and confirm that all business entities stay in accordance with the law by rightfully reporting income and disbursing taxes to the government. One vital activity CPAs do is to analyse an entity’s financial condition and performance then advice administration on the tax complications of business assessments. Another one would be is performing as a consultant in areas as compensation, employee benefits, data processing systems and asset protection. We also take part in tactical planning, budget improvement, fraud stoppage, contract negotiation and disputes, and tax preparation and filing. The most tedious part of an accountant’s life would be the annual or interim reporting of financial statements wherein during the normal operating cycle or 12 months after the previous reporting date, whichever is longer, CPAs journalize every transaction that may affect assets, liabilities and equity, then after, at the time of the reporting date, we prepare the income statement and statement of comprehensive income, the statement of owner’s equity, the statement of financial position, and the statement of cash flows and submit it to the entity. This process takes a lot of work and accountants have to work even late at night in order to submit these financial

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