fees earned

revenue

patents
assets

prepaid insurance
assets

dividends
equity

unearned rent
liabilities

copyrights
debit side

common stock
credit side

accounts receivable
debit side

accounts payable
credit side

interest revenue
credit side

What are the four things that accountants do?

1.identify

2. record

3.analyze

4. communicate

information about the economic events that affect organizations.

What are the two types of places that accountants work?

1. Public accounting

2. Private accounting

What does CPA stand for?

CPA stands for Certified Public Accountant

What are the three services provided by CPAs?

1. Audit Services

2. Tax Services

3. Consulting Services

What are audit services?

Audit Services involve examining a company's accounting records in order to issue an opinion about
whether the company's financial statements conform to generally accepted accounting principles.

The auditor's opinion adds credibility to the statements, which are prepared by the company's
management.

What are tax services?

Tax services include both determining the amount of tax due and tax planning to help companies
minimize tax expense.

What are consulting services?

Consulting services cover a wide range of activities that include everything from installing sophisticated
computerized accounting systems to providing personal financial advice.

Are all public accountants certified?

All public accountants are not certified.

How do accountants become CPAs?

CPA candidates normally must have a college education, pass a demanding technical examination, and
obtain work experience relevant to practicing public accounting.

Where do accountants employed in the private sector work?

Accountants employed in the private sector usually work for a specific company or nonprofit
organization.