Accounting is the systematic and comprehensive process of recording of financial transactions both internal and external that is involved business. In simple words, it refers to the process of gathering, summarizing, analyzing and reporting the commercial transactions.
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What is Accounting?
Accounting is the systematic and comprehensive process of recording of financial
transactions both internal and external that is involved business. In simple words,
it refers to the process of gathering, summarizing, analyzing and reporting the
commercial transactions.
Different Types of Accountants
An Accountant is a person who is very proficient in handling and keeping track records of
accounts and books of accounts appropriately and correctly. An Accountant designs and
controls the procedure of account handling required for records of various transactions of
business, trade, as well as finance.
Different types of accountants include.
● Auditors
● Forensic accountant
● Public accountants
● Tax professional
● Financial advisor
● Consultants
Auditing
It may be defined as an intensive study and analysis of the records, reports and
transactions of an enterprise, firm or organization by accounting specialists. Auditors help to
ensure a company's efficiency by keeping all the public records accurate and confirm
payment of taxes accurately and on time. The auditors work to analyze and also
communicate financial data for various entities such as individual clients, companies,
Federal, State, as well as the local governments. Other than carrying out the fundamental
tasks of the occupation they provide information to clients by gathering, preparing,
analyzing, and verifying financial credentials.
Forensic accounting
It is a particular area of practice in accountancy. In this area of accountancy, the auditing,
accounting and investigative proficiency are used to help the court in legal issues. It is the
expertise for which the forensic accountants are also known as forensic auditors. They are
2. also called sometimes, the investigative auditors. Investigation of white-collar crimes
including issues like securities embezzlement, fraud and bankruptcies are done by them.
Public accounting
A public accountant is a general accountant whose work is either applied for an accounting
firm or his or her private practice. Public accountants’ daily tasks can be classified broadly
into different types. This incorporates auditing, tax and financial planning, and consulting
and providing advice about compensation as well as benefits. The st atutory credential
provided for all the qualified accountants in the U.S is the Certified Public Accountant
(CPA).It is for persons who have passed the Uniform Certified Public Accountant
Examination.
Tax auditing
A specifically trained professional in the field of taxation is called a tax professional. The
U.S. Department of Treasury encourages and empowers as well, the tax professionals in
every way possible. It is to represent all the taxpayers before all administrative levels of the
Internal Revenue Service (IRS) so that collections, audits, and appeals can be addressed on
time.
Financial advising
A financial advisor is a skilled person in accounting and finance who provides investment
advice and financial planning services to individuals, organizations, and also the
government's. Usually, a financial advisor consults with clients with an intention to upgrade
or lower the risks in their financial situations.
Accounting Consultancy
Accounting consultants are persons with high domain expertise in preparing financial
reports, pro-form financial statements and also other reports. They are also capable of
analyzing, interpreting and evaluating financial statements and reports for various
regulatory and statutory authorities and internal management of organizations. Accounting
consultants can help a business with all of its financial needs.
About Author:
Hey, future accountants. I hope you find this article useful. My name is Kathlin, and I am a
professor in one of the finest college in the USA.I recently passed out with accounts as a
major and I went through all the questions like, "what to do next", "what will i learn?",
"what are scopes and all?" So, I thought of sharing the information. I also assist college
students who are lost in accounting assignments and finance papers. So, any queries, I can
help you out.
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