Accountants employed by a business or a not-for-profit entity are said to be engagedin Private Accounting; and due to the fact that they do not offer their services to the publicon a fee basis.TrueO False

Answered: Accountants employed by a business or a…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Accountants employed by a business or a not-for-profit entity are said to be engaged
in Private Accounting; and due to the fact that they do not offer their services to the public
on a fee basis.
True
O False

Expert Solution

Step 1

An accountant is a professional who possesses expertise in accounts, tax, auditing, corporate lows, etc. The accountant normally performs the compiling of the accounts, verifying and preparing the financial reports either for the department or for the whole company. The accounts help the company ensure that accounting standards, and tax laws, etc. are followed.

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