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An accountant is a person who manages monetary problems, like the preparation of financial plans and budgets, as well as the management of accounts and staff welfare. In most nations, officially licensed accountants are recognized by titles. In the UK, they are termed as chartered accountants. In the U.S., accountants are generally known as certified public accountants, whereas in Canada, they are either identified as certified management accountants or certified general accountants. Even though most of the accountants in Canada also function as chartered accountants, certified common accountants are also authorized to practice public accounting and auditing in the nation. The main responsibilities of accountants are to develop financial reports and to undertake day-to-day bookkeeping for managers, regulators, and shareholders. Accountants manage a double-entry bookkeeping system wherein there are two entries for each transaction are made, one to a debit account and one to a corresponding credit account. As per accounting rules, the sum of the debit and credit figures really should be equal and any discrepancy in the total indicates that there has been an error. An accountant also audits and inspects the financial records of men and women or businesses, along with preparing monetary and tax reports. In the United States, accountants can acquire specialized certificates in varied fields exactly where they can hold titles like certified public accountant, certified internal auditor, certified management accountant, and accredited business accountants. In the U.S., the governmental accounting normal board prepares accounting guidelines for generating economic statements for publicly traded businesses and private firms. Further, some of the accounting organizations that influence developing normal guidelines for accountants in the U.S. are the U.S. Securities and Exchange Commission (SEC), the American Institute of Certified Public Accountants (AICPA), the Economic Accounting Standards Board (FASB), and the Governmental Accounting Standards Board (GASB). Some key firms recognized globally are PricewaterhouseCoopers, Deloitte Touche Tohmatsu, Ernst & Young, and KPMG. Most accountants perform distinct types of accounting like cost accounting, economic accountancy, and management accountancy. Accountants are skilled professionals and are an integral element of the modern day economy. inside payroll accountant