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 ?
Thomadakis: The code itself is a document that specializes the application of the fundamental principles in various areas of interest for the practice of the professional accountant. One very important area is the area of auditor independence.
Also, a stronger link is now made between "threats" to compliance with the fundamental principles and actions that might be "safeguards." Threats, which make it difficult for the professional accountant to comply with the fundamental principles, can be created by a broad range of facts and circumstances, including interests and relationships.
In 2016 the profession and professional accountants supported a GDP contribution of PS52 billion and 599,000 people were employed in accounting roles in the UK.
Professional qualification: A professional accountant should do his professional services with accuracy, qualification and hardworking.
IFAC has been a key player in the considerable improvement in quality of professional accountants in its membership, representing accountants globally and in all sectors of the profession.
Qualifications to serve as a professional accountant depend not only on a basic education in the profession, but education that is supplemented by experience and CPE to ensure an acceptable level of current knowledge.
Volker's experience is highlighted by over ten years of experience with the Chartered Professional Accountants of Ontario, the self-regulating body for Ontario's Chartered Professional Accountants, including the role of Director of Standards Enforcement and the role of Director, Public Accounting, which she held until her retirement on December 31, 2015.
Businesses like these are in need of trusted business advisers and professional accountants to support their growth and success.
Even after 71 years of independence, we have very less contribution of professional accountants in Pakistan.
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.
* IFAC's International Ethics Standards Board for Accountants promulgates the Code of Ethics for Professional Accountants (IESBA Code).
This legal reference book was specifically designed for the professional accountant to help reduce or eliminate liability exposure.

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