Accounting

Card Set Information

Author:
Anonymous
ID:
76399
Filename:
Accounting
Updated:
2011-03-31 05:27:53
Tags:
accounting accountants types
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Description:
Specialized Areas of Accounting
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  1. Financial Accounting
    • report and analyse the results of the business operation
    • Responsibilities
    • -preparation of financial statements
    • -raising finance for the business
    • -managing the cash flow
    • -preparing tax returns
  2. Management Accounting
    • concerned with day-to-day operations of the business
    • Responsibilities
    • -ensuring that the resources of the business are allocated efficiently
    • -prepare reports for use within the firm
    • -prepare budgets
    • -analyse the result of budgets
  3. Auditors
    • concerned with checking the acounting records of a business organisation. Incorparated societies and companies must have there accounts audited.
    • Responsibilities
    • -that the financial statements present a true and fair view of the state of affairs (that they are acurate!)
  4. Tax Accountants
    • specialised in taxation (they are usually members of chartered accounting firms specialising in this area)
    • Responsibilities
    • -advise the clients on applicable laws that are existing e.g. GST
    • -advise on the most advantageous way of operation in order to minimise their tax liability.
  5. Cost Accountant
    • determine the cost of production and how they can be reduced
    • Responsibilites
    • -calculate the cost of producing a good or service
    • -controls the businesses costs.
  6. Accounting Technician
    support the accountant by entering data in the computer E.g. enters transactions into the general ledger and apprporiate journals

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