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 ?
It is a hugely exciting time for professional accountants across Pakistan, as the economy benefits from new global commerce developments and other innovations.
General Public Interest Duty of Individual Professional Accountants
A professional accountant should observe the technical and professional standards stated form the following institutions to be in accordance with the ethical issues [3].
The professional accountant renders competent services to the client with enthusiasm and a genuine interest for the client's well being.
A professional accountant providing nonaudit services to a client that is not an audit client (as well as a professional accountant employed by a business) would be required to disclose the matter to the entity's external auditor, if any; in certain circumstances, the accountant would be expected to disclose certain illegal acts to an appropriate authority.
2--objectivity: professional accountant should take into professional judgment and the realities your business and not allow prejudice, bias, conflict of interest or influence of others on the professional judgment and affect her work.
The misfortune is that the role of Professional Accountant in the revival of the Economy has not been properly understood and appreciated, particularly in developing countries like Pakistan.
If the response by the client or employer isn't appropriate, and if the professional accountant believes that the suspected illegal act is of such consequence that disclosure would be in the public interest, then he or she would have an ethical requirement to disclose the acts if the entity hasn't self-reported.
The accounting profession continues to thrive; there is one professional accountant for every 294 American workers in 1960, but by 1970, there is one for every 197 workers.
Its mission is to set high-quality ethical standards for professional accountants and facilitate the convergence of international and national ethical standards, including auditor independence requirements, through the development of a robust, internationally appropriate code of ethics.
In addition, it released a new information paper to clarify the roles and responsibilities of professional accountants in business, considered a revised constitution to continue to strengthen its governance, and appointed six new Board members.
Key elements of the new drafting style include: basing the standards on objectives, as opposed to procedural considerations; use of the word "shall" to identify requirements that the professional accountant is expected to follow in the vast majority of engagements; eliminating the present tense to describe actions by the professional accountant, which some had regarded as ambiguous in terms of obligation; and structural improvements to enhance the overall readability and understandability of the standards.

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