THE FIELD OF ACCOUNTING

Prof. Reidy Herrera

Dpto. Socio-Humanístico/Sección de Inglés
READING # 2 UNIT: 2 / Type of text-Classification-Division

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Accounting the profession of the future

Accounting frecuently offers the qualified person an opportunity to move ahead quickly in today's business world. Endeed, many of the heads of large corporations throughout the world have advanced to their positions from the accounting department. In industry, management, government and business accountants generally start near the top rather than near the bottom of the organization chart. Management relies on the experts knowledge and expirience of accountants to cope the increasingly complex problem of taxes and cash flow.

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 way in which the business may growth in the future. Expansion or reoganization should not be planned without the proper analysis of the accounting information; and new products and campaigns to advertise and sell them should not be launched without the help of accounting expertise.

The field of accounting is divided into three broad divisions: a) Public b) Private c) Governamental

Public accounting consists largely of auditing and tax services. An audit is a review of the financial records of an organization. It is usally performed at fixed intervals of time - perhaps quarterly, semiannually, or annually. And as the tax laws have grown increasingly complex, not only corporations but also individuals have had to utilize the services of accountants in preparing their tax forms and calculating their tax liability. Business enterprise, government agencies, and non-profit organizations all employ public accountants either regularly or on a part-time basis.

Accountants can offer their services to the public on an individual consultant basis for which they receive a fee. In this respect and many others, they are similar to doctors and lawyers. Like them, accountants may be self-employed or partner in a firm; or they may be employed by an accounting firm. Some accountants perform work for corporations or government offices and receive a salary like other members of management. Nevertheless, they are still considered to be accountants. It is not necessary to have a certificate in order to practice accounting. Junior employees in large firms, for example, are often acquiring sufficient expirience to take the examinations.

Many accountants work in government offices or for non-profit organizations. These two areas are often joined

together under the term governamental 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.

Private accounting, also called executive or administrative accountants, handle the financial records of a business. Like those, who work for the government or non-profit organizations, they are salaried rather than paid a fee. Those who work for manufacturing concerns are sometimes called industrial accountants. Some large corporations employ hundreds of employees in their accounting offices.

      ACTIVITIES:

1. Read the text and develop the exercises.
2. What do you know about this reading? Write some comments quickly.
3. Look up the dictionary all boldfaced, italized and underlined words.
4. Use the following link to ckeck those words online if possible: Click on the link :http://www.dictionary.com/browse/briefly?s=ts

5. Explain (in Spanish) these words in context of the reading using your own words.
6. Choose and translate into Spanish two contiguous paragraphs. First, click on the link: http://www.spanishdict.com/translation, then copy the two paragraphs and paste them in the space of the translator.
7. Make a glossary with those words you do not understand.
8. Make some questions about the reading and answer them briefly.
9. What's the main idea of the topic?
10. Underline the main and supporting ideas in each paragraph.
11. Make a summary (in Spanish) based on the text ideas. (no more than 10 lines).

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