Running head: BUS3061 FUNDAMENTAL OF ACCOUNTINGBus3061 Fundamental of AccountingNameInstitution AffiliationBUS3061 FUNDAMENTAL OF ACCOUNTING2Answer to Question 1:Proficient LevelThere are several important functions performed in an organization, among whichaccounting is one of them. The accounting function focuses on financial record keeping andtracks types of monetary information including salaries, operational expenses, capitalexpenditure, donations, cash flow, investments, and utilities on a monthly basis. The accountingfunction differs from double-entry bookkeeping in that it involves the recording of basicaccounting transactions like recording issued and receive invoices, cash receipts, payments tosuppliers, changes in inventory, payroll processing, and petty cash transaction processing. Theaccounting function involve creating accounts charts, setting up general ledgers, designingfinancial statements, issuing management reports, creating budgets, and compiling tax returnsamong other tasks (Edwards, Hermanson, & Buxton, 2011).The type of information that are critical to the performance of accounting function in anorganization include management information for the preparation and issuing of managementreports, financial information for preparing financial statements as well as financial budgets, andtaxation information for compiling tax returns (Edwards, Hermanson, & Buxton, 2011).Distinguished LevelThe three groups of functions performed ...
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