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 ?
The court had ordered on January 21, 2016 to upgrade the accountants but the concerned ministry of defence and finance division have not issued their up-gradation notification till to date.
While this privilege is generally limited to communications between attorneys and their clients, it may extend to accountants in limited circumstances.
Genevia Gee Fulbright, senior tax adviser for the National Association of Black Accountants, emphasizes the importance of the chemistry between you and your accountant.
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.
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.
Related to this, SAS 100 provides guidance to accountants reviewing a new client's interim financial statements without the benefit of having audited the client's financial statements in the prior period.
The proposed rules would establish procedures under which the agencies could, for good cause, remove, suspend, or bar an accountant 6r firm from performing audit and attestation services for insured depository institutions with assets of $500 million or more.
Membership at the Association of Certified Fraud Examiners has tripled in five years to 16,000, a third of them forensic accountants.