Accounting Professions Vocab Quiz

? records business's financial activities
? prepares financial reports for a business
? helps the following people know the financial stability of the country
� Creditors (loan $ to co. to buy goods)
� Investors (invest $ in co.)
� Bankers (provide loans

Financial Accountant

? Interprets financial info. prepared by financial accountant
? For internal use - for the managers
? To make right business decisions
? Produces report for managers

Managerial Accountant

? Analyzes and controls costs of an organization
? works for company, how to make product more cost efficient

Cost Accountant

? Prepares tax returns
? Performs tax planning
? Stays up to date with changes in tax laws (compliance = being up to date)

Tax Accountant

Analyzes numbers for criminal purposes

Forensics accountant

? Design and adapts accounting systems that create accounting report for the co.
? Make accounting system more efficient

Systems Accountant

? Reviews reliability of business using accg. records
? Issues an opinion based on the information being analyzed
? Makes those outside of the business feel confident about it


? Helps individuals manage personal investment
? Good people skills required

Personal Financial Planner

Work for only one business

Private accountants

Work independently
Need CPA for
Member of public accounting firm does mostly auditing
Companies hire �- accountants to review and approve their financial records
Prepare accounting reports for different businesses
Complete tax forms for business (if in ta

Public accountants

Miami Dade County, US Government, IRS
hospitals, churches

Government / "not for profit agency

What do you need accounting knowledge for?

? Owning your own business
? Make right business decisions / make business succeed
? Billing and collections
? Payroll
? Communicate financial info with clients

What does accounting teach?

? How to communicate well (writing and speaking)
? Pay attention to details
? Improve problem solving abilities
? Evaluate work
? Listen well
? Interpret data
? Know personal finance