Glossary

term 1: Bankrupt

 definition 1: When a person or organization declared in law is unable to pay outstanding debts.

term 2: Bookkeeping

definition 2:  The activity or occupation of keeping of the Financial affairs of a business.

term 3: Overdraft

definition 3: A deficit in a bank account caused by drawing more money than the account holds.

term 4 Trend

definition 4: A general direction in wich Something is developing or changing.

term 5 Cubicle

definition 5: A small partitioned-off area of an office containing a desk.

term 6 Currency

definition 6: A system of in general use in a particular country.

term 7 Downsizing

definition 7: Making a company smaller by eliminating staff positions through lay-offs.

term 8 Shareholder

definition 8: One that owns or holds a share of stock.

term 9Venture

definition 9: A risky undertaking

term 10 Viral marketing

 definition 10: The internet version of word-of-mouth marketing-email messages that customers pass on to friends.

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Day in the Life of an Accountant/Auditor  

Accountants have many financial  responsibilities  including keeping track of payments, financial positions, and transfers of capital or income for individuals and  corporations . Some are responsible for examining the tax  implications of the activities noted  ab ove . It is also important for accountant to be very  co m fortable  with numbers , just as it is important that accountants pay a  considerable  amount of time and attention in accurately delivering good or bad financial news to its clients  

Often  times   accountants  are  referred as  "financial  physician" because of that mainly  because the profession requires that the  accountant  be ready to  deliver  unpleasant  news often than good news. Accountants should expect being treated in a less-than- friendly  manner client. Th is probably one of the most common downside of the profession.  

One  auditor wrote "I didn't know how many people just  don't  pay attention to their number. " On average, an auditor spends  approximately  35 percent  of their time reviewing financial documents, preparing paperwork,  accounting   procedures . For the remainder of the time, an auditor spends time either travelling or consulting with clients over the telephone, attending meetings with executives, clients and other  divisional   auditor s      

Another  common type of accountant is the tax accountant. Personal income tax accountants are hired by small firms or are self  employed . Personal tax accountant are responsible filing individuals income to the federal and provincial government by April 30. Corporate tax accountants on the other hand are involved throughout the year analyzing the tax effects of corporate investment policy, and advising firms on tax planning issues. A tax accountant can be involved in filing both personal and corporate tax although corporate tax accountants face a lesser stressful season during the tax season compared to personal tax accountants.

Paying Your Dues   

 

To  become an accountant you must acquire a bachelor's degree in accounting, finance or a related  field. Many employers also prefer that  students  have significant computer proficiency. One of the most common certification accountants are required to obtain is a CPA (Certified Public Accountant). Students are required to pass an exam which will certify them as designated professional accountant. Other types of accounting certification  include the Public Accountant (PA), registered Public Accountant (RPA), and the Accounting Practitioner's (AP).

 

References:

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