Accountants as a Career Flashcards
What is a financial accountant?
Financial accountants prepare the Financial Statements of the business and presents them to users and provides them advice so they can make financial decisions about the business.
What is an auditor?
Auditors check the accuracy of the Financial Statements and provides an opinion on the reliability of them. Users then can decide if they can confidently use the information in the Financial Statements for their decision-making.
What is the difference between a financial accountant and an auditor?
Financial Accountants prepare the Financial Statements and provides advice to Users for decision-making whereas the Auditor is an independent expert who checks the Financial Accountants work for accuracy. He tells users if the financial statements are properly prepared and, in his opinion, reliable.
Why is the auditor’s opinion on financial statements accuracy is important?
So the the user can have confidence using the financial accountants advice for making decisions. The Auditor’s opinion is very important to people who are members of incorporated organisations or shareholders in listed companies on the share market. They usually do not have the financial expertise to find mistakes in the financial statements so need the Auditor to do this for them.
What is a taxation accountant?
Taxation accountants calculate the taxation owing by a business and provides advice on how to minimise the taxation payable.
What is a cost accountant?
Cost accountants calculate the costs of a firm producing a good or service and compares them to budgets set.
What is a management accountant?
Management accountants check the day to day financial data prepared by financial staff, compares it to managements budgets, and advises management on any changes needed to improve the financial performance of the business.
What is an accounting technician?
Accounting technicians assist the Accountant in preparing financial reports. The Accounting Technician DOES NOT provide financial advice for decision-making.
What is a chartered accountant in public practice?
Chartered accountants in public practice provide a range of Accounting Services to small businesses (Financial accounting, Cost accounting, Taxation accounting etc) who cant afford a full time accountant.
What is a treasurer?
A treasurer is a specialist role on a committee of an incorporated organisation (usually a club), the treasurer records the daily financial transactions of the organisation and prepares the financial statements for the annual general meeting.
What happens to the financial statements prepared by a treasurer?
The financial statements are passed onto the auditor to verify the transactions and provide an opinion on the accuracy and reliability of them so the members can decide if to use the financial statements for decision-making.
