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AccountantTerms
> Accrual Method Of Accounting
In the context of a financial audit, audit findings represent weaknesses or deficiencies in internal controls, or instances of noncompliance with applicable laws and regulations, that are presented in an audit report.
> Accrual Method Of Accounting
Accounts for income and expenses in the 12-month period earned or incurred, which is not necessarily when it is received or paid.
While most people regard accounting as boring and tedious work, it's arguably the most important part of running a business. Chicago accountants keep track of what money is coming in and what money is going out. But if your company gets stuck with a disgruntled or corrupt employee, you can find that the business could be owing money to the government and that it's in worse financial shape than it is on paper. With the help of an accounting professional in Chicago, you could straighten everything out quickly.
[2] Excludes excise taxes collected,[3] Includes tax-exempt organization,[4] Collections of tax (withheld and not withheld) [5] Includes estimated tax. [Money amounts are in thousands of dollars] in Illinois
Total Internal Revenue collections [2]
115,148,577
Corporation income tax [3]
12,655,418
Total [4,5]
97,245,207
Income tax not withheld and SECA tax [4,5]
20,266,019
Induvidual income emploment taxes withheld and FICA tax [4]
76,412,086
Source: Internal Revenue Gross Collections, by State, Fiscal Year 2001
Accountants are responsible for a wide variety of duties. They make sure that a company is run efficiently, that records are kept accurately and that taxes are paid on time. Generally, accountants will prepare, analyze and verify financial documents.
There are four types of Chicago accountants:
Public Accountants
Management Accountants
Government Accountants
Internal Accountants
Each accountant specializes in one particular field to provide specialized services for a company or for private clients. Their expertise is especially important at large public companies who are forced to disclose their financial status to investors or the Securities and Exchange Commission. But if the government discovers discrepancies in a company's financial records, the company and its executives could be in some big trouble: They could face hefty fines and jail time.
Our Chicago Accountants can guide you through many circumstances arising from starting your own business and also assist you with all of your tax questions.
Some typical issues Chicago Accountants may help you with include:
Auditing
General Accounting
Business Matters
Financial Planning
Mergers and Acquisitions
Contact our Chicago Accountants
If you live in the following cities and need an accountant, you should contact our Chicago Accountants as soon as possible:
Arlington Heights
Aurora
Bartlett
Berwyn
Bolingbrook
Buffalo Grove
Carol Stream
Chicago
Chicago Heights
Cicero
Des Plaines
Elgin
Glenview
Granite City
Harvey
Joliet
Lockport
Lombard
Mchenry
Moline
Mount Prospect
Normal
Oak Lawn
Palatine
Plainfield
Tinley Park
Waukegan
Wheaton
Did You Know?
Accountants work in different areas of practice.
Some accountants prefer to work alone, but in general they usually work for public accounting firms, the government or corporations.
Chicago Audio & Video
Accounting Standards
Audio, RM, 32 Kbps, 3:30, 1/16/2002
Bob Edwards talks with Chuck Landes, Director of Audit and Attest Standards at the American Institute of Certified Public Accountants. Source: National Public Radio
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