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Accounting Package

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Accounting and Accountants

Accounting is the systematic recording of financial transactions. Individuals skilled in the practice of keeping accounts and books of accounts accurately are called accountants. The profession and duty of an accountant is known as accountancy.

The basic concept that defines accounting, is that every financial transaction involves two aspects- yielding of a benefit and giving of a benefit. For every transaction performed, there are dual effects- one receiving effect and the other giving effect. Thus the fundamental principle of accounting is the dual nature of transactions, that is, for every debit there will be a corresponding credit. This system of accounting is known as double-entry bookkeeping.

Double-entry bookkeeping is often credited to Pacioli: A Franciscan monk and mathematician Luca Pacioli laid the foundation for double-entry bookkeeping. His treatise on bookkeeping contained the first known published work on bookkeeping.

An accountant's duties may be classified as accounting, bookkeeping, and auditing. Even though they are often used synonymously, the terms bookkeeping and accounting are not the same. Bookkeeping is the recording of financial transactions, whereas, accounting involves the systematic recording, classifying, and summarizing of financial transactions and the preparation of statements such as cash flow and fund flow. The form and nature of work of an accountant and a bookkeeper also differ. An accountant does the auditing of a client's account, balancing of books and preparing income tax returns. The process of bookkeeping does not involve any analysis of financial statements. Rather, it is generally a mechanical process of entering financial transactions in the books of accounts.

Similarly, accounting and auditing are not the same. Accountants and auditors perform different functions. Auditing is an exhaustive study of financial records and reports of a company or a commercial enterprise. The person who conducts an audit is called an auditor. An auditor's work involves verifying the accuracy of information in the books of accounts. Auditors are classified into two categories:

  • Internal auditors; and
  • External auditors.

Internal auditors are appointed by the management and they are part of the entity being audited. In a large business, accounting will be done by an accountant and internal auditors do the internal audit and ensure that the books of accounts are accurate. They also check for fraud inside the entity and make sure that there is an appropriate payroll system, proper management and optimal use of resources. External auditors are audit professionals who are independent of the entity being audited. External auditors are appointed by the Board of Directors to provide an independent opinion on the entity's financial statements.

A certified public accountant (CPA) is a qualified accountant who has passed the Uniform Certified Public Accountant. A CPA always follows certain accounting standards while preparing and presenting financial statements. Accounting Standards are the statements of code of practice of the regulatory accounting bodies that are to be observed in the preparation and presentation of financial statements.

A public accountant is a general accountant who is employed by an accounting firm, or is self- employed in a private practice. Public accountants' undertake auditing, tax preparation and financial planning. They also are qualified to advice clients on issues of compensation and benefits. A public accounting firm prepares, maintains and reviews their clients' financial statements and records. Public accounting firms also aid clients in tax preparation and submitting tax returns. Public accounting firms ensure that the financial information of their clients is correct and accurate. Public accounting firms and accountants can assist business owners with advice on a variety of issues relating to starting a business including where to incorporate, what type of legal entity to use, and where to register the legal entity.

Business accounting is generally done to help management in financial decision making. Some large business houses also offer financial accounting. Financial accounting is a system of accounting in which financial statements are prepared which might then be used by others like creditors, banks and financial institutions etc. Financial accounting is done to calculate the gain or loss made by the business during the year and to know the financial position of the business as on a specified date.

Normally, accountants follow the accrual method of accounting in which they include the income as and when it is earned and claim deductions when expenses occur. However, certain entities such as an S corp follow the cash method of accounting in which income is included when it is received, and a deduction is claimed when expenses are paid.


Is there any difference between bookkeeping and accounting?

Accounting is the systematic recording and analysis of the financial transactions of an institution or a commercial enterprise. Individuals skilled in accounting are called accountants. The profession and duty of an accountant is known as accountancy.

Generally, the terms bookkeeping and accounting are used synonymously. But, both differ in the form and nature of the work involved. Bookkeeping is the practice of keeping accounts and books of accounts accurately. The process of bookkeeping does not involve any analysis of financial statements. Rather, it is generally a mechanical process of entering financial transactions in the books of accounts.

The balance sheet, income statement, and the statement of cash flow are the most important financial statements of an entity. The process of accounting includes preparation of these statements and also analyzing these statements to find out the financial position of the enterprise. Thus, accounting is a larger process which includes, within its scope, bookkeeping.

Who was Pacioli and what does double entry bookkeeping mean?

Pacioli and double-entry bookkeeping: Franciscan monk and mathematician Luca Pacioli laid the foundation for double-entry bookkeeping. His treatise on bookkeeping contained the first known published work on bookkeeping.

Double entry bookkeeping is the system of recording two aspects of a transaction. The basic concept of double entry bookkeeping is that for every financial transaction, there are dual effects- one receiving effect and the other, the giving effect. Thus, the fundamental principle of double entry bookkeeping is for every debit there will be a corresponding credit.

Who is an auditor?

An auditor is a person who is especially skilled in auditing. Auditing is the exhaustive study of financial records and reports of an enterprise. Accountants and auditors perform the same functions, except that an auditor's work also involves verifying the accuracy of information in the books of accounts and reporting any discrepancies.

Auditors are classified into two categories- internal auditors and external auditors. Internal auditors are appointed by the management and they are part of the entity being audited. In a large business, accounting will be done by accountant and internal auditors do the audit and ensure that the books of accounts are accurate. They also check for fraud inside the entity and make sure that there is an appropriate payroll system, proper management and optimal use of resources. External auditors are audit professionals who are independent of the entity being audited. External auditors are appointed by the Board of Directors to provide an independent opinion on the entity's financial statements.

Who is a Certified Public Accountant?

A certified public accountant (CPA) is a qualified accountant who has passed the Uniform Certified Public Accountant Examination. Certified public accountants always follow certain accounting standards while preparing and presenting financial statements. A certified public accountant may either be in the employ of an accounting firm, or be self-employed in a private practice. They undertake auditing, tax preparation and financial planning. A public accounting firm prepares, maintains and reviews their clients' financial statements and records. Public accounting firms also aid clients in tax preparation and submitting tax returns. Public accounting firms ensure that the financial information of their clients is correct and accurate.

What is financial accounting?

Business accounting is generally done to help management in decision making. Some large business houses also offer financial accounting. Financial accounting is a system of accounting in which financial statements are created which then might be used by others like creditors, banks and financial institutions etc. Financial accounting is done to calculate the gain or loss made by the business during the year and to know the financial position of the business as on a specified date.

Can you explain where to incorporate an S corp?

An S-Corporation is a corporation which has less than a hundred share holders and passes the net income/losses to its shareholders in keeping with the Internal Revenue Code, Chapter 1, Subchapter S. An S corp may be incorporated in the state where the corporation will conduct the bulk of its business. An S corp generally uses the cash method of accounting and reports income and expenses at the corporate level.


Accounting Package

This package is designed to assist in the efficient operation of an accounting business. Forms provided cover a wide variety of issues involved with the effective promotion of an accountant and management of accounting matters.

Accounting Package

The following forms are included in this package:

  • Order Authorizing Debtor in Possession to Employ Accountant
  • Contract with Accountant to Audit Corporation's Group Medical, Disability, and Life Insurance Program
  • Resume for Accountant
  • Model Letter Accountants To Auditors
  • Report of Independent Accountants after Audit of Financial Statements
  • Report of Independent Accountants after Review of Financial Statements
  • Resume Cover Letter for Accountant


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