Accounting, also known as accountancy, is the process of recording and processing information about economic entities, such as businesses and corporations. Accounting measures the results of an organization's economic activities and conveys this information to a variety of stakeholders, including investors, creditors, management, and regulators. Practitioners of accounting are known as accountants. The terms "accounting" and "financial reporting" are often used interchangeably.
Bookkeeping is the recording of financial transactions, and is part of the process of accounting in business and other organizations. It involves preparing source documents for all transactions, operations, and other events of a business. Transactions include purchases, sales, receipts and payments by an individual person, organization or corporation. There are several standard methods of bookkeeping, including the single-entry and double-entry bookkeeping systems. While these may be viewed as "real" bookkeeping, any process for recording financial transactions is a bookkeeping process.
Corporate titles or business titles are given to corporate officers to show what duties and responsibilities they have in the organization. Such titles are used by publicly and privately held for-profit corporations, cooperatives, non-profit organizations, educational institutions, partnerships, and sole proprietorships that also confer corporate titles.
In management accounting or managerial accounting, managers use accounting information in decision-making and to assist in the management and performance of their control functions.
An accountant is a practitioner of accounting or accountancy. Accountants who have demonstrated competency through their professional associations' certification exams are certified to use titles such as Chartered Accountant, Chartered Certified Accountant or Certified Public Accountant, or Registered Public Accountant. Such professionals are granted certain responsibilities by statute, such as the ability to certify an organization's financial statements, and may be held liable for professional misconduct. Non-qualified accountants may be employed by a qualified accountant, or may work independently without statutory privileges and obligations.
Double-entry bookkeeping, also known as double-entry accounting, is a method of bookkeeping that relies on a two-sided accounting entry to maintain financial information. Every entry to an account requires a corresponding and opposite entry to a different account. The double-entry system has two equal and corresponding sides, known as debit and credit; this is based on the fundamental accounting principle that for every debit, there must be an equal and opposite credit. A transaction in double-entry bookkeeping always affects at least two accounts, always includes at least one debit and one credit, and always has total debits and total credits that are equal. The purpose of double-entry bookkeeping is to allow the detection of financial errors and fraud.
Certified Public Accountant (CPA) is the title of qualified accountants in numerous countries in the English-speaking world. It is generally equivalent to the title of chartered accountant in other English-speaking countries. In the United States, the CPA is a license to provide accounting services to the public. It is awarded by each of the 50 states for practice in that state. Additionally, all states except Hawaii have passed mobility laws to allow CPAs from other states to practice in their state. State licensing requirements vary, but the minimum standard requirements include passing the Uniform Certified Public Accountant Examination, 150 semester units of college education, and one year of accounting-related experience.
A financial analyst is a professional undertaking financial analysis for external or internal clients as a core feature of the job. The role may specifically be titled securities analyst, research analyst, equity analyst, investment analyst, or ratings analyst. The job title is a broad one: In banking, and industry more generally, various other analyst-roles cover financial management and (credit) risk management, as opposed to focusing on investments and valuation.
A trial balance is an internal financial statement that lists the adjusted closing balances of all the general ledger accounts contained in the ledger of a business as at a specific date. This list will contain the name of each nominal ledger account in the order of liquidity and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance. The debit balance values will be listed in the debit column of the trial balance and the credit value balance will be listed in the credit column. The trading profit and loss statement and balance sheet and other financial reports can then be produced using the ledger accounts listed on the same balance.
The Association of Chartered Certified Accountants (ACCA) is the global professional accounting body offering the Chartered Certified Accountant qualification (CCA). Founded in 1904, It is now the fourth-largest professional accounting body in the world, with 252,500 members and 526,000 student members. ACCA's headquarters are in London with principal administrative office in Glasgow. ACCA works through a network of over 110 offices and centres in 51 countries - with 346 Approved Learning Partners (ALP) and more than 7,600 Approved Employers worldwide, who provide employee development.
A bursar is a professional administrator in a school or university often with a predominantly financial role. In the United States, bursars usually hold office only at the level of higher education or at private secondary schools. In Australia, the United Kingdom and other countries, bursars are common at other levels of education.
A general journal is a daybook or subsidiary journal in which transactions relating to adjustment entries, opening stock, depreciation, accounting errors etc. are recorded. The source documents for general journal entries may be journal vouchers, copies of management reports and invoices. Journals are prime entry books, and may also be referred to as books of original entry, from when transactions were written in a journal before they were manually posted to accounts in the general ledger or a subsidiary ledger.
A tax advisor or tax consultant is a person with advanced training and knowledge of tax law. The services of a tax advisor are usually retained in order to minimize taxation while remaining compliant with the law in complicated financial situations. Tax Advisors are also retained to represent clients before tax authorities and tax courts to resolve tax issues.
The Common Final Examination (CFE) is the final examination of the Chartered Professional Accountant (CPA) professional designation in Canada. The 3-day CFE is the culmination of the rigorous two-year graduate-level CPA program. The exam not only includes important accounting disciplines like finance, governance, strategy, and assurance, but also evaluates professional skills such as critical analysis, decision-making, and professional judgment. Previously known as the Uniform Evaluation (UFE), the UFE has been discontinued following the unification of the three accounting designations (CA, CMA, CGA) in Canada and Bermuda in June 2015.
British qualified accountants are full voting members of United Kingdom professional bodies that evaluate individual experience and test competencies for accountants.
State auditors are fiscal officers lodged in the executive or legislative branches of U.S. state governments who serve as external auditors, program evaluators, financial controllers, bookkeepers, or inspectors general of public funds. The office of state auditor may be a creature of the state constitution or one created by statutory law.
The chief audit executive (CAE), director of audit, director of internal audit, auditor general, or controller general is a high-level independent corporate executive with overall responsibility for internal audit.
The Registered Professional Accountant (RPA) is a Canadian accounting designation granted by the Society of Professional Accountants of Canada (SPAC), a federally chartered non profit organization. The designation requires completion of university or college courses set by SPAC and passing four Mandatory Professional Exams (MPE): Financial Accounting, Management Accounting, Taxation, and Data Analytics and Technology. The Registered Professional Accountant has five pathways to designation, making it an accessible choice for accounting students.
A law practice manager, sometimes described as a legal practice manager, law office manager or director of practice support, is a person with managerial responsibilities at a law firm. The duties of a law practice manager will depend upon the specific role and its purpose.
Bradley "Brad" Marshall is an American Democratic politician and the former chief financial officer (CFO) of the Democratic National Committee (DNC). In 2016, he gained notoriety after the DNC emails included an email in which he questioned the faith of the Jewish candidate for the Democratic nomination, Bernie Sanders. He wrote: "It might may [sic] no difference, but for KY and WVA can we get someone to ask his belief. Does he believe in a God. [sic] He had skated on saying he has a Jewish heritage. I think I read he is an atheist. This could make several points difference with my peeps. My Southern Baptist peeps would draw a big difference between a Jew and an atheist."
