What Is the Difference Between a Private Accountant and a Public

question 178

Essay

What is the difference between a private accountant and a public accountant?

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Definitions:

C Corporation

A legal structure for a corporation in which the owners, or shareholders, are taxed separately from the entity.

Return

A document containing details about an individual's or entity's income, deductions, and tax liabilities filed with the tax authorities.

Basis

The initial value of an asset for tax purposes, used to calculate depreciation, amortization, and determines the gain or loss on the asset's sale.

Stock

A type of security that signifies ownership in a corporation and represents a claim on part of the company's assets and earnings.