accountancy
Ledger-based profession
Accountancy is the profession or practice of maintaining and auditing financial records—the work accountants do.
The term is more common in British than American English, where accounting tends to cover both the field and the activity: She studied accountancy at university.
The firm offers accountancy services to small businesses.
Financial record book
- journalRecord of daily events
- entriesItems logged or submitted
- double-entryAccounting with paired entries
- debitsRecorded account reductions
credits · posting · trial balance · general ledger · accruals · adjustments · reconciliation · recordkeeping
Owned items of value
- liabilitiesAmounts owed to others
- equityImpartial treatment or ownership value
- capitalWealth used for investment
- valuationAssessment of monetary worth
solvency · liquidity · cash flow · working capital · retained earnings · debt financing · profitability · cost of goods sold
Enforced rules and standards
- standardsAccepted levels of quality
- GAAPFinancial reporting conventions
- Sarbanes-OxleyCorporate governance reform law
- SECStock market regulator
governance · due diligence · framework · adherence · legislation · statutory · fiduciary duty · disclosure
Readying income documents for government
- deductionsConclusions from reasoning
- exemptionsReleases from obligation
- filingStoring documents systematically
- returnsProfits from investments
brackets · income tax · corporate tax · capital gains · withholding · tax planning · deferrals · credits
Licensed accounting professional
- certificationAttestation of qualification
- practiceRepeated work toward mastery
- firmSolid or resolute
- partnerOne who shares activity
client · engagement · billable hours · professional development · Big Four · controller · CFO · bookkeeper
Proving something accurate
- examinationMethodical assessment or review
- reviewCritical written assessment
- assuranceFirm promise or certainty
- scrutinyClose, careful examination
auditor · internal audit · external audit · controls · testing · findings · opinion · materiality
Allocating funds systematically
- forecastingEstimating future conditions
- costingEstimating expenses required
- profit centersBusiness units producing surplus
- cost centersDepartments measured by expenses
ledger
Financial record book
- journalRecord of daily events
- entriesItems logged or submitted
- double-entryAccounting with paired entries
debits · credits · posting · trial balance · general ledger · accruals · adjustments · reconciliation · recordkeeping · fiscal period
assets
Owned items of value
- liabilitiesAmounts owed to others
- equityImpartial treatment or ownership value
- capitalWealth used for investment
valuation · solvency · liquidity · cash flow · working capital · retained earnings · debt financing · profitability · cost of goods sold · gross margin
regulations
Enforced rules and standards
- standardsAccepted levels of quality
- GAAPFinancial reporting conventions
- Sarbanes-OxleyCorporate governance reform law
SEC · governance · due diligence · framework · adherence · legislation · statutory · fiduciary duty · disclosure · ethics
tax preparation
Readying income documents for government
- deductionsConclusions from reasoning
- exemptionsReleases from obligation
- filingStoring documents systematically
returns · brackets · income tax · corporate tax · capital gains · withholding · tax planning · deferrals · credits · assessments
CPA
Licensed accounting professional
- certificationAttestation of qualification
- practiceRepeated work toward mastery
- firmSolid or resolute
partner · client · engagement · billable hours · professional development · Big Four · controller · CFO · bookkeeper · tax preparer
verification
Proving something accurate
- examinationMethodical assessment or review
- reviewCritical written assessment
- assuranceFirm promise or certainty
scrutiny · auditor · internal audit · external audit · controls · testing · findings · opinion · materiality · sampling
budgeting
Allocating funds systematically
- forecastingEstimating future conditions
- costingEstimating expenses required
- profit centersBusiness units producing surplus
accountancyspeculation
Unproven theorizing or risky investment
artistry · creative arts · entrepreneurship · invention · marketing
accountancyguesswork
Conclusions drawn without proof
estimation · approximation · speculation · forecasting · imprecision
accountancyart
Human creative expression
poetry · philosophy · literature · creative writing · fine arts
- tax accountantLevy calculation professional
- chartered accountantCredentialed financial auditor
- public accountantLicensed financial reporting professional
- certified public accountantLicensed financial professional
- certified accountantsLicensed finance professionals
- forensic accountantInvestigates monetary crimes professionally