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"An accountant is a person who manages financial problems, which includes the preparation of financial plans and budgets, as well as the management of accounts and staff welfare.
In most nations, officially licensed accountants are recognized by titles. In the UK, they are termed as chartered accountants. In the U.S., accountants are commonly identified as certified public accountants, whereas in Canada, they are either recognized as certified management accountants or certified common accountants. Even though most of the accountants in Canada also function as chartered accountants, certified common accountants are also authorized to practice public accounting and auditing in the country.
The principal responsibilities of accountants are to produce financial reports and to undertake day-to-day bookkeeping for managers, regulators, and shareholders. Accountants manage a double-entry bookkeeping technique wherein there are two entries for every transaction are produced, one to a debit account and one to a corresponding credit account. As per accounting rules, the sum of the debit and credit figures really should be equal and any discrepancy in the total signifies that there has been an error. An accountant also audits and inspects the financial records of individuals or businesses, along with preparing financial and tax reports.
In the United States, accountants can obtain specialized certificates in varied fields where they can hold titles like certified public accountant, certified internal auditor, certified management accountant, and accredited business accountants. In the U.S., the governmental accounting regular board prepares accounting guidelines for making economic statements for publicly traded companies and private organizations. Further, some of the accounting organizations that influence developing common guidelines for accountants in the U.S. are the U.S. Securities and Exchange Commission (SEC), the American Institute of Certified Public Accountants (AICPA), the Financial Accounting Standards Board (FAS, and the Governmental Accounting Standards Board (GAS.
Some significant firms recognized globally are PricewaterhouseCoopers, Deloitte Touche Tohmatsu, Ernst & Young, and KPMG. Most accountants execute different kinds of accounting like cost accounting, financial accountancy, and management accountancy. Accountants are skilled pros and are an integral portion of the contemporary economy. this month"
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