The different fields of accounting include management accounting, government accounting, or auditing, public accounting and internal auditing. Accountants in these fields may be Certified Public Accountants, Certified Management Accountants, Certified Financial Managers, Certified Internal Auditors, Certified Fraud Examiners, Enrolled Agents, Certified Government Financial Managers or Certified Financial Planners.Know More
Management accountants typically work in teams, and they provide the executives of companies with financial advice. They also provide the information that is published in the company's annual reports for shareholders.
Government accountants do accounting work for government agencies, and they may work for local, state or federal departments. In some cases, government accountants work for the Internal Revenue Service, and in that role, they audit businesses and individuals on behalf of the government.
Public accounting is a relatively broad field. It includes accountants who specialize in tax preparation as well as accountants who provide accounting, tax or auditing services for governments, businesses or individuals. Many of the accountants in this field are CPAs, or Certified Public Accountants, but many of them have other certifications instead.
Internal auditors can also be called forensic accountants. Accountants in this field investigate the financial records of companies or other entities in an attempt to find or prevent fraud or inaccuracies.Learn more about Accounting
Accounting is important because it provides an objective picture of a business' financial success. In addition, accurate bookkeeping and accounting is extremely vital for tax and legal purposes. Many companies are required to have particular accounting procedures in order to comply with legal code.Full Answer >
Bookkeeping involves recording basic accounting transactions such as recording invoices from suppliers, paying suppliers, processing payroll and recording cash received from customers. Bookkeeping is a subset of accounting. Accounting is usually more involved and includes activities such as creating financial statements, creating budgets and compiling tax returns.Full Answer >
In accounting, the word "accretion" refers to growth in value over time. Accretion typically refers to the increase of value of a bond over time.Full Answer >
An accounting or accounts payable voucher is a document used as an internal control mechanism in the invoicing process. The voucher is filled out after a three-way match of the invoice, purchase order and receiving report.Full Answer >