¶ … investment in the mutual fund industry and how fast it's growing. This growth was especially rapid during the 1990s. 401(k) plans have helped out with this growth, and contributed to the large number of mutual funds. Because of the proposed changes to Social Security, and also helped in some way by the Internet, nearly half of all households in the United States own some form of stock. Those who work in the financial industry are also happy about this growth in mutual funds. It means more opportunities for work for them. This article takes a closer look at what goes on, on a daily basis, in the life of a mutual fund accountant.
A mutual fund works much the same way that a partnership does. Mutual funds don't pay taxes, and the earnings that they make go straight through them and to their shareholders who have the responsibility of reporting these earnings on their income tax returns. One of the things that mutual funds accountants must do is pay particular attention to the net asset value. This is the main calculation that they are required to do. It is basically the per-share value of a mutual fund on any given day. It lets investors determine the value of the funds that they have, and this helps them to determine whether they want to keep a particular stock or sell it and purchase something else.
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