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Financial Accounting

Financial accounting is your standard every day accounting needs that every business
needs taken care of. A forensic accountant Dallas is used on an as needed basis to evaluate
businesses that are under scrutiny for misuse of assets. There are many differences between a financial accountant and a forensic accountant Dallas. First off, a financial account is used to primarily help prepare financial documents that are dictated by the GAAP regulations. GAAP standards are the Generally Accepted Accounting Principles. Financial accountants are held to these specific guidelines where as forensic accountants are not held to specific standards as they are primarily investigating. A financial accountant can expect to keep their same position, daily for years to come as it is a position that every business needs ongoing.
A forensic account is only hired as needed and will be a temporary position that works
closely with the legal team involved. It is expected that forensic accountants will testify in court. Unlike financial accountants who prepare documents, forensic accountants prepare
investigations of said documents. This work is much more subjective as individuals begin to examine a great deal of financial statements and history. It is also expected that forensic
accountants will interview any employee at the business in question regardless of their stature.
It is the job of the initial financial accountant to review and keep track of all historical
data involving money with the company that they work with. They will also be responsible for reporting this information to the IRS. Any discrepancies with this information will be uncovered by a forensic accountant. Forensic accounting is more detective work than accounting but requires a great deal of accounting knowledge so that they can find accurate mistakes.

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