Accountant

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Accountant

A professional who maintains financial records, notes expenses or revenue, and/or determines how much one owes or is owed. Accountants seek to assure that every individual or company pays, or is paid, the correct amount. There are several different types of accounting, each of which reports revenue and earnings differently from other methods. Two major methods accountants use are accrual accounting and cash accounting. Accrual accounting recognizes revenue and matches it with the expenses that generated that revenue. Cash accounting, on the other hand, recognizes revenue and expenses in the order in which they are received or spent.

Accountants play an important role in personal finance as well. One may hire an accountant to maintain accurate records, to ensure that enough money remains to pay one's bills. Likewise, people use accountants to pay personal or corporate taxes in the correct amount. See also: CPA, LIFO, FIFO.
References in periodicals archive ?
The group's half-year results showed the kind lawyers, corporate finance and accountancy experts that were helping chairman Stuart Moberley and chief executive Martin Habgood decide on the best option for shareholders had managed to rack up pounds 500,000 in fees - in just three months.
But accountancy experts say that in a business where reputation is everything the scandal could hit Grant Thornton International's bid to be a major world player.
KPMG's forensic accountancy experts say the figures for the first half of 2002 were boosted by a few high-value cases.
Ian Grant, of Scottish accountancy experts Pannell Kerr Forster, said: "The increase in your pay packet from April 6 will hardly be noticed.
Accountancy experts estimate the cost to the Exchequer was EUR800million over that period.