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Independent accountants who serve organizations and individuals on a fee basis are known as what?
APrivate accountants
BStaff bookkeepers
CInternal auditors
DPublic accountants
Answer & Solution
Correct answer: D. Public accountants
1. Accountants in the United States are classified as either public accountants or private accountants.
2. Public accountants are the independent ones, serving organizations and individuals on a fee basis.
3. Private accountants are employed to serve one particular organization, so they are not paid by the job.
4. Public accountants offer financial statement and tax return preparation, independent auditing and management consulting.
_Source: OpenStax Introduction to Business (CC BY 4.0), Ch 14 "Using Financial Information and Accounting", section 14.2 The Accounting Profession_
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