| An accountant is a person who manages financial | | | | records of individuals or businesses, along with |
| issues, including the preparation of financial plans | | | | preparing financial and tax reports. |
| and budgets, as well as the management of | | | | In the United States, accountants can obtain |
| accounts and staff welfare. | | | | specialized certificates in varied fields where they |
| In most countries, officially licensed accountants | | | | can hold titles like "certified public accountant," |
| are recognized by titles. In the UK, they are | | | | "certified internal auditor," "certified management |
| termed as "chartered accountants." In the U.S., | | | | accountant," and "accredited business |
| accountants are commonly known as "certified | | | | accountants." In the U.S., the governmental |
| public accountants," whereas in Canada, they are | | | | accounting standard board prepares accounting |
| either known as "certified management | | | | rules for making financial statements for publicly |
| accountants" or "certified general accountants." | | | | traded companies and private companies. Further, |
| Although most of the accountants in Canada also | | | | some of the accounting organizations that |
| function as chartered accountants, certified | | | | influence developing standard rules for |
| general accountants are also authorized to | | | | accountants in the U.S. are the U.S. Securities and |
| practice public accounting and auditing in the | | | | Exchange Commission (SEC), the American |
| country. | | | | Institute of Certified Public Accountants (AICPA), |
| The main responsibilities of accountants are to | | | | the Financial Accounting Standards Board (FASB), |
| create financial reports and to undertake | | | | and the Governmental Accounting Standards |
| day-to-day bookkeeping for managers, regulators, | | | | Board (GASB). |
| and shareholders. Accountants manage a | | | | Some major firms recognized globally are |
| double-entry bookkeeping system wherein there | | | | PricewaterhouseCoopers, Deloitte Touche |
| are two entries for every transaction are made, | | | | Tohmatsu, Ernst & Young, and KPMG. Most |
| one to a debit account and one to a | | | | accountants perform different kinds of accounting |
| corresponding credit account. As per accounting | | | | like cost accounting, financial accountancy, and |
| rules, the sum of the debit and credit figures | | | | management accountancy. Accountants are skilled |
| should be equal and any discrepancy in the total | | | | professionals and are an integral part of the |
| means that there has been an error. An | | | | modern economy. |
| accountant also audits and inspects the financial | | | | |