Actually this job isn't the accountants. The accountants job is to give the CFO a "number". The CFO then gives this number to the different vps with an edict "cut said numbers from your org in x weeks". VPs typically have a (long running) process of building up lists for a rainy day such as this - eg, bottom performers (this usually includes those have given managers the stinkeye), projects without good numbers, some randomness, those with high comp to level ratios etc.

Oh and often one of the factors the "accountants" have to consider is a guidance that comes after the CFO has lunches with their wall st buddies!