Roles Played by Accountants.
Accountants are individuals who carry out the role of measuring, disclosure and providing credibility to financial records. accountants play a major role in the organization as the information they provide are used by various departments and individuals in the organization. Managers of organization have proved to be the main users of information provided by the accountants.
Manager have been classified as users of financial records by making decisions which are based on what the financial information portray. Lenders and creditors who finance the organization are also users of financial information. Lenders use financial information record to assess the performance of their capital and the possibility of increase in the interest recorded.The practice of tax accounting has led to this inividuals being termed as tax agents penrith.
There have been establishment of business organizations which mainly focus on providing accounting services to interested clients at a significant cost. An example of an already established organization is the accountants penrith which focus mainly on tax accounting. The practice of accounting is carried out to almost all organization as financial records are very important when it comes to decision making.
The judiciary is staffed with specialized accountants who are referred as judge accountants who are also specialized tax agents penrith and understand each and every rule in both accounting and taxation. Accountants penrith are restricted and governed by a body which is referred as the certified public accountants. The term used to describe rules and regulation which govern how financial practices should be practices is principle of accounting. The principles of accounting include prudence, consistency and materiality.
The practice of accounting calls for compliance with the already set rules and principles. The chattered accountants, chartered certified of accountant or certified public accountant are some off the bodies established in order to ensure compliance to the set rules and laws on accounting. Bodies which are responsible for setting the principles of accounting has also been endowed with the function of certifying qualified accounting organization and accountants. The bodies set also play the role of carrying out corporal punishment to individuals and organizations which carry out unethical practices and abuses accounting power with the aim of gaining advantages in terms of cash and bribes.
The practice of accounting involves carrying out tax accounting, cost accounting, managerial accounting and auditing of financial records. Tax accounting involves the determination of an organizations tax liability and the amount of tax which an organization should pay.
Cost accounting as a branch of counting I used to determine the cost inquired during the production process. Auditing of financial records involves independent examination of financial accounts in order to give credibility to what he records indicate.
Accounting demands a lot of qualification which is proved by passing qualification events and proffesional attachments which are assessed by the certified institute of accountants. Accountants penrith who are not yet qualified can still work for qualified accountants by acting on minor issues. The actions carried out by non-qualified accountants are directly liable to the qualified accountant who supervises them.