Question

Accountants employed by a particular business as junior accountant, chief accountant, or financial vice-president, are said to be engaged in:

Answer 1

Question 1
Accountants employed by a particular business as junior accountant, chief accountant, or financial vice president, are said to be engaged in PRIVATE ACCOUNTING. A private accountant is responsible for compiling the vouchers, invoices and other necessary documents available to create reports, more specifically Financial statements such as Balance sheet, Profit and loss accounts and cash flow statements. It is used by stakeholders to know about business performance such as creditors to decide whether to extend loans, investors to decide whether to make investments, shareholders to decide whether profit is being earned or not etc. It is also used by Auditors to perform audit procedures. A Private accountant undergoes special training and also possesses knowledge and skill needed to carry out this task effectively

(The second image is basically a statement so i am just ellaborating on that one.)
Business sells goods that it produces in order to earn revenue and after deducting all purchases and direct expenses from it we get Gross Income. Now this is not our final income because there are multiple expenses of indirect nature which needs to be adjusted with Gross income to get distributable profit. If even after all current and accrued expenses are met and still some Surplus is left than that is what we call NET INCOME which is basically excess of expenses over revenues. If on the other hand our expenses exceed our revenues that we are left with NET LOSS.

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