Accountant


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Related to Accountant: chartered accountant

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 ?
Courts in different jurisdictions consider different criteria for determining when an accountant is necessary to facilitate communications between lawyers and clients.
It's important to work with an accountant familiar with the tax laws applicable to your situation," says McNamee.
Before you agree to act as a neutral accountant, size up the situation.
INDEMNIFICATION: ACCOUNTANT shall hold harmless DISTRICT, its agents, officers and employees from and against any liability, claims, actions, costs, damages or losses of any kind, arising from, or in connection with, the performance by ACCOUNTANT or its agents, officers and employees under this Agreement insofar as such performance results from ACCOUNTANT'S negligent, reckless, or willful act or omission.
The case law holds that advice from a lawyer for the purpose of tax return preparation is not "legal advice" because such could have been provided by an accountant and does not require the work of a lawyer.
With the changing real estate market in New York, DeMeola says accountants are also helping companies decide whether to enter or leave the market, as well as predicting trends and the next hot areas for development.
Steve Austin from Mitchell Charlesworth emphasises the need to let your accountant know what you want from them rather than the other way round.
Courts following the fourth line of authority hold that a court must perform a balancing test in determining whether an accountant is liable to third-parties.
Though most accountants won't hazard to guess how much more business will flow their way, others like independent CPA Carolyn F.
Beware: sometimes actual performance is irrelevant to whether a suit is filed against the accountant.

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