Accountant

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Related to Accountants: Chartered Accountants

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 ?
While this privilege is generally limited to communications between attorneys and their clients, it may extend to accountants in limited circumstances.
Engaging two adversarial accountants can double fees and increase hardship, says Thomas F.
Unlike any time in the past, accountants and lawyers now find themselves advising their corporate clients not only with a view toward the client's potential liabilities and best interests, but also with a view toward their own.
One major service accountants can offer real estate companies is cost segregation studies.
We started by helping the general population of Hurricane victims by matching employee contributions to the American Red Cross and then we thought: 'Is there some way to help accountants in particular?
Demand for accountants is also being felt in academia.
The standard advocates a broader view of CPD, one that encompasses a wider range of learning and development opportunities that assist professional accountants to maintain competence.
The rules provide that certain violations of law, negligent conduct, reckless violations of professional standards, or lack of qualifications to perform auditing services may be considered good cause to remove, suspend, of bar an accountant or firm from providing audit services for banking organizations subject to section 36.
Accountants also give general financial advice to businesses about how best to deploy their finances and how to invest wisely for the future.
The restatement provides that accountants will be held liable to individuals actually known to them or intended third-party users of financial statements, including members of a "known or intended class" of users of financial statements.
Though most accountants won't hazard to guess how much more business will flow their way, others like independent CPA Carolyn F.
Similarly, in many major white-collar fraud cases, forensic accountants should be called on to apply their training and expertise to legal matters and to testify in court as expert witnesses.