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 FGEIs accountants were of the opinion that orders of their up-gradation were passed by the Federal Services Tribunal after hearing of their appeal.
The second context in which accountants may encounter privilege is when they prepare materials, such as reports, in preparation for litigation.
Contact your state's board of accountancy and membership organizations, says Sheila Taylor, CPA and president of the Dallas chapter of the National Association of' Black Accountants.
If those accountants don't agree, which is often the case, the likelihood of a trial increases.
Concluding that the purpose of the statutory provision was to put lawyers and accountants on the same footing in rendering tax advice and services and that a lawyer's assistance in preparing a tax return was not legal advice, the court held that the privilege could not apply when an accountant provide the same type of tax advice.
With the changing real estate market in New York, DeMeola says accountants are also helping companies decide whether to enter or leave the market, as well as predicting trends and the next hot areas for development.
Yet whatever the career path next-generation accountants choose, the certified public accountant (CPA) credential remains a key requirement for advancement.
The proposed standard, Continuing Professional Development: A Program of Lifelong Learning and Continuing Development of Professional Competence, prescribes mandatory continuing professional development for all professional accountants, including those working for accounting firms, corporations, small or medium enterprises, public sector organizations or in other environments.
The final rules, which take effect on October 1, 2003, establish procedures under which the agencies can, for good cause, remove, suspend, or bar an accountant or firm from performing audit and attestation services for insured depository institutions with assets of $500 million or more.
If you are starting a business, you will need to consult an accountant.
John Crompton of Caldwell Crompton chartered accountants says that communication is the key to building a good relationship with your accountant.
Without adequate experience, training and supervision, accountants can make critical mistakes that result in serious consequences for their firms and their carriers.