Discuss the Differences and Similarities Between the Roles of Accountants

question 28

Essay

Discuss the differences and similarities between the roles of accountants and auditors. What additional expertise must an auditor possess beyond that of an accountant?

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Definitions:

Deductions

Amounts subtracted from gross income to reduce taxable income, including certain expenses, contributions, and allowances.

Sales Tax

A tax imposed by a government on the sale of goods and services, usually calculated as a percentage of the sales price.

Excise Tax

A tax imposed on specific goods, services, or transactions, often included in the price of the product, like fuel, tobacco, and alcohol.

Per-Unit Basis

A method of expressing or measuring something in terms of a single unit or a fixed amount per unit.