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Accounting is the foundation of all business. An accountant provides information that is used by management in decision making. In addition, the image of a company is defined by its financial statements. Investors and managers are kept informed by the work product of the accountant when they decide on things like expansion and/or acquisition. A company’s financial statements are examined by banks when they make decisions on lending capital. Accounting is an ancient skill. In the area of the Tigris and Euphrates Rivers, (present day Iraq), archaeologists have discovered cuneiform tablets that served as accounting tools.
Accountants are responsible for activities other than bookkeeping. An accountant may be an essential member of a team deliberating efficacy of mergers and acquisitions, may investigate and implement tax strategies, assist in setting up health care benefit programs, calculate costs and benefits of new technologies and track the financial progress of the company. They are responsible for reports to stockholders.
At a lower accounting level, there is the bookkeeper, who maintains day-to-day records in an office environment. The bookkeeper keeps track of money coming in, money paid out, payroll, tax information, bank statements, company ledgers, company assets and documents like real estate deeds and investment records.
When an outside agency assists in the accounting function it is usually for the purpose of auditing. An accountant inspects the company’s books for accuracy, and examines documents like bank statement to see if they back up the figures in the ledgers. When figures do not match, it is the auditor’s responsibility to discover the reason for the discrepancy. Internal auditors evaluate their company’s financial statements and guard against waste, fraud and inefficiency.
DISCLAIMER: The materials contained on this web site are provided for information only and do not constitute accounting advice. Contact with this web site does not establish an accountant-client relationship.
Pittsburgh Accounting Headlines
But still not back to pre-recession levels Last year was the best year for Minnesota venture capital fundraising since 2008, but amounts raised still pale in comparison with pre-recession levels, according to the latest MoneyTree report from PricewaterhouseCoopers and the National Venture Capital Association.
The top trending topics were ' On day two, 440 delegates generated 3,312 tweets with 4,816 replies and 14, 302 retweets.
The IRS is holding refund checks on tax returns filed before Wednesday because of a computer glitch affecting a new fraud detection and prevention system.
IBM's Lotus Symphony office suite has offered users a free Microsoft Office alternative since 2007, but last week saw the release of what's very likely the last version of the software.
Mumbai: PricewaterhouseCoopers today said India's middle class will grow in size to become a USD 1 trillion opportunity to be tapped for various consumer-oriented industries.
Grant Thornton CEO Stephen Chipman talks about the company's ambitions on a recent visit to Wichita Thursday at their offices in northeast Wichita.
MF Global Holding Ltd.'s clients may be the losers no matter who wins a $700 million dispute between bankruptcy administrators in London and New York that threatens the return of money locked in customer accounts.
Kansas City, MO - infoZine - Marketwire - Imagine if teenagers controlled their families' finances.
You'll be rewarded for coming up with ideas to help your employer expand this year, but the appreciation may not come in the form of cash, a new study suggests.
The town is looking to fill a vacancy on the Mathworks Four-Year Scholarship Award Committee, a spot recently vacated by the resignation of member Howard Wilcox.
A new study by PricewaterhouseCoopers, to be released today, shows direct visitor spending for the Super Bowl will be somewhere around $150 million.
IBM Symphony appears to have arrived at the end of the road. It's not exactly unexpected, given the moves in productivity and collaboration space.
The hiring of accounting graduates with bachelor's and master's degrees increased from 25,488 in 2009 to 33,321 in 2011.
Petrol delivery trucks were once again rolling from the gates of Coryton oil refinery on Thursday after a shutdown triggered when the site collapsed into administration .
The software available for the 2012 tax season has been both expanded and made easier to use.
The Academy of Motion Picture Arts and Sciences has announced that it has partnered with a company to develop an electronic voting system for next year's 85th annual Academy Awards.
Suffolk Bancorp today announced that, on January 19, 2012, the Audit Committee of the Board of Directors of Suffolk Bancorp determined not to engage Grant Thornton LLP as Suffolk's independent registered public accounting firm for the audit of the company's financial statements for the fiscal year ended December 31, 2011, and for periods ... (more)
A multimillion-dollar trust is being planned to continue efforts to recover workers' remains from the Pike River mine, and the taxpayer is being asked to contribute.
Robb Adkins has joined the litigation practice of Winston & Strawn LLP as a partner in the San Francisco and Los Angeles offices.
Lois Brown, right, helps Chuncey Vinson with filing his income form at Jackson Hewitt Tax Service in Murfreesboro.
