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 ?
In this way, together, we will define the professional accountant of the future.
Fortunately, it is this author's belief that professional accountants do not generally need to make that assessment, and indeed they are not in a position to do so.
The global Code of Ethics for Professional Accountants published by the IESBA, which the new standard modifies, applies to both professional accountants in public practice and those in business.
Chartered Professional Accountants of Canada represents and supports more than 190,000 members across the country.
The introduction of professional experts: Clients, employers and other beneficiary should easily identity professional accountants.
Many organizations have not yet realized how useful XBRL can be for them; professional accountants in business can assist them in navigating and making the most of XBRL," said Roger Tabor, chair of IFAC's PAIB Committee.
The Handbook of the Code of Ethics for Professional Accountants contains the code of ethics for professional accountants (the Code), which has been revised by the International Ethics Standards Board for Accountants (IESBA) for improved clarity and strengthened independence requirements.
Auditors' contributions to the fight against fraud also have been reduced in recent years by the steady increase in the audit exemption limit, meaning that small companies no longer are required to have a regular audit, nor even have a regular relationship with a professional accountant.
The committee further believes that leaders of the profession must clearly communicate to California's professional accountants their duty to the public trust and the types of behavior that will not be tolerated.
These include such items as increasing the coverage of IFRS in the education and training of professional accountants.
Aiming to stimulate debate on questions arising from the provision of independent assurance as its contribution to the IAPC exposure draft and the Global Reporting Initiative's work on the independence review of sustainability reports, FEE is now inviting comments (to be sent in by February 29, 2000) from professional accountants, companies publishing environmental audits, consultants and other experts.
Hence the enthusiasm of professional accountants in pursuit of CPE, whether or not mandated by a regulatory authority.

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