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An accountant is a practitioner of accounting or accountancy. An accountant has one of the most important roles in any business, whether they work in large corporations or small businesses. As the financial backbone of a business, they prepare and examine financial records, ensure all money transactions are accurate, and that taxes are paid on time.

So, if you love working with numbers and you know you are detail-oriented, organised, and like working in a structured environment, you may want to consider a career as an accountant.

Accountants use numbers and financial statements to paint a picture of the health of a company, organization, or individual.

Types of Accounting:

Public Accounting
This would be an accounting service to the general public and is thought to be more professional than private accounting. Certified and non-certified public accountants can provide public accounting services.

Private Accounting
This would be accounting that is limited to only a single firm, where an accountant receives a salary on an employer-employee basis. This term is used even if the employer is in a public corporation.

National Income Accounting
Rather than the usual business concept, national income accounting uses an economic or social concept. This type of accounting provides estimates of a country’s annual purchasing power.

Fiduciary Accounting
This type of accounting is done by a trustee, executor, or administrator. The job is to keep the records and prepare the reports, which may be authorized by or under the jurisdiction of a court of law.

Fund or Governmental Accounting
This type of accountant works for non-profit organizations or branches of government. The double-entry system of accounting is used, the same as conventional accounting. Special funds accounting is also used.

Forensic Accounting
Forensic accounting looks at issues that result from actual or anticipated disputes or litigation. Forensic accountants often have to give expert evidence at a trial. All of the larger accounting firms have specialist forensic accounting departments and within these groups, there may be even more sub-specializations. Some forensic accountants may just specialize in insurance claims, personal injury claims, fraud, construction, or royalty audits.

Investment Accounting
Investment accounting, portfolio accounting or securities accounting – all synonyms the describe the process of accounting for a portfolio of investments such as securities, commodities and/or real estate held in an investment fund such as a mutual fund or hedge fund.

Further reading:

  1. Wikipedia
  2. Careerexplorer

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