Which list below best describes the major services performed by public accountants?
Below??
1) A well-designed activity-based costing system starts with __________.
A. analyzing the activities performed to manufacture a product
B. assigning manufacturing overhead costs for each activity cost pool to products
C. computing the activity-based overhead rate
D. identifying the activity-cost pools
To determine the major services performed by public accountants, we can refer to reputable sources such as professional accounting organizations, academic textbooks, or industry publications. However, a commonly recognized list of services provided by public accountants includes:
1. Financial statement audits: Public accountants review a company's financial records, systems, and transactions to ensure they have been prepared accurately and in accordance with relevant accounting standards. This service provides assurance to stakeholders, such as investors and lenders, about the reliability of the company's financial statements.
2. Tax planning and preparation: Public accountants assist individuals and businesses in fulfilling their tax obligations. This includes providing guidance on tax-saving strategies, preparing tax returns, and ensuring compliance with tax laws and regulations.
3. Management consulting: Public accountants offer advisory services to help organizations improve their operations, financial performance, and efficiency. This may involve analyzing financial data, providing recommendations for cost reduction, implementing internal control systems, or developing strategic plans.
4. Forensic accounting: Public accountants investigate financial irregularities, such as fraud or embezzlement, by analyzing financial records, conducting interviews, and presenting findings as evidence in legal proceedings. They may also assist in risk assessment and prevention of fraudulent activities.
5. Financial planning and analysis: Public accountants help individuals and businesses develop financial plans, budgeting, and forecasting. They analyze financial data to provide insights that enable informed decision-making regarding investments, acquisitions, or expansion plans.
It's important to note that these services may not be exhaustive, as public accountants may also provide other specialized services based on their expertise or client needs.