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 case that meant being responsive to business partners by using skills learned in public accounting to find solutions, as opposed to telling internal customers and partners why they couldn't do something.
For a public accounting firm, a specific geographic area is normally stated in terms of customers located within a certain number of miles of any office to which the employee was assigned.
The earlier the tax department became involved in corporate decision-making, the higher the percentage of firms where a public accounting firm other than its auditor could be or has been on occasions selected for assistance with tax matters.
Under the Ontario legislation, the Public Accounts Council, which is the regulatory body for the industry, has been reconstituted as the guardian of public accounting standards in Ontario, responsible for standard-setting and oversight of the licensing bodies.
Many CPAs say that allowing advertising and competitive bidding have made public accounting a less collegial profession.
Proposed Rule 3523 would set a new requirement to treat a registered public accounting firm as not independent if the firm provided tax services to officers that have financial reporting oversight of an audit client.
The Board is authorized to establish rules governing these registered public accounting firms and to assure that these firms comply with Board rules.
MBAF continues to be largest Florida-based public accounting firm in the state.
Public Accounting Report Names Beers & Cutler the Fastest Organically Growing Firm in U.
The Ontario government is modernizing the accounting profession by making public accounting licences more accessible under the Public Accounting Act, announced Attorney General Michael Bryant when the act took effect in early November.