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 ?
The accountancy experts say the fear of losing trade has put regional business owners in the uneasy position of accepting every contract available.
Accountancy experts and industry are concerned that HM Revenue & Customs (HMRC) has changed what it classifies as proper research and development (R&D) for engineering companies in the scheme to cut back on the amount it is paying out.
Mure is presiding over the tax tribunal with accountancy experts Dr Heidi Poon and Scott Rae.
Senior business and accountancy experts will be on hand at each session to answer questions and offer free, no obligations advice on a confidential one-to-one basis on a wide range of topics.
Tax accountancy experts have highlighted problems with the way HMRC is interpreting guidelines designed to help firms understand what is eligible for R&D tax credits.
Accountancy experts are said to be sifting through literally hundreds of thousands of documents.
Accountancy experts estimate the super-wealthy brought forward around pounds 20billion in bonuses and other payments to avoid the new tax that April.
Last month the ECHO revealed Merseytravel had hired accountancy experts Deloitte to carry out a capital review of the scheme costs.