What are the major functions or activities performed by accountants in private industry?

Answer 1

Accountants' duties involve the preparation and examination of financial records, and they possess a distinct set of skills to effectively serve as their client’s advisors.

Broadly speaking, an accountant is responsible for some of the core accounting functions in an organisation:

• Performing risk analysis evaluations.
• Meticulous Recording of Costs and Preparation of Financial Reports.
• Working with external auditors.
• The maintenance of accurate bookkeeping, and the compliance of the bookkeeping with the regulations of the state and with the laws of the United States.
• Recording of disbursements and payments.
• Ensuring that systems are up to date.

Answer 2

Accountants gather financial information of the business including invoices, wage sheets, bank statements, and other relevant information. This will be provided by the business who has hired the accountant. The accountant then works out the Goods and Services Tax and the income tax for the month then at the end of the tax year. An accountant may also authorise certain payments such as wages or a purchase based on his/her figures.