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One of the most important challenges that accountants face in a typical day is ensuring all transactions are recorded accurately. An accountant may have to find the balance between preparing proper financial documents and maintaining the companys efficiency. These main activities fall under the following sections:
Weekly Financial Statements
Balance Sheet
Income Statement
Cash Flow Statement
Business Planning
Workforce Management
Procurement
Payroll
Accounts Payable
Accounts Receivable
Cost Accounting
Financial Reporting System
Source: Public Accounting and Audit Definition.”Basic Accounting Made Easy.” by Ballada.
Forensic accounting refers to a branch of accounting that collects, recovers, and reconstructs financial data when it is difficult or impossible to obtain. In addition to understanding accounting principles and practices, forensic accountants must be resourceful, creative, and able to solve often-complex problems. A sample job listing for a forensic accountant from the Federal Bureau of Investigation (FBI) stresses the importance of collaboration, communication, and investigative skills. Previous coursework in law, or related experience, is also often attractive to potential employers in this field.
Forensic accountants work in many sectors, from law enforcement to corporate accounting. Previous coursework in law, or related experience, is often attractive to potential employers in this field. Areas of forensic accounting also vary widely by employer. Within the FBI, for example, forensic accountants conduct investigations on businesses for tax evasion and fraud. They are also sent on cases to help examine financial records for irregularities or irregularities.
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