9780028641584

"Be a pro in no time" Ideal for bookkeepers, accounting clerks, and small business owners, this practical guide goes beyond general accounting principles to teach readers how to prepare and manage their companies books. In this new edition, readers will find completely revised and updated information on handling sales and services, and updated tax information reflecting changes in the tax code. Perfect for the many practicing accountants who are unlicensed bookkeepers, accounting clerks, and small business owners There are 3.1 million accountants, bookkeepers, and accounting clerks in the U.S. There are an estimated 23 million small business owners in the U.S., many of whom manage their own books

Carol Costa has written for numerous business publications and has worked as a correspondent for the Phoenix Business Journal and The Tucson Business Chronicle. She has owned and managed a bookkeeping and tax service and worked as an accountant for a variety of businesses. C. Wesley Addison is a Certified Public Accountant. He holds a Masters degree in Accounting from the University of Arizona, is a member of AICPA and ASCPA, and has over twenty years of experience in all aspects of accounting and taxes.

Introduction

xiii

Part I The Chart of Accounts, How it Relates to the General Ledger and the Financial Statements

1

(62)

The Chart of Accounts/Balance Sheet Accounts

3

(12)

Profit and Loss Statement Accounts

15

(10)

Chart of Accounts Becomes the General Ledger

25

(14)

Depreciable Assets, Prepaid Expenses, and Other Accounts

39

(12)

Organization and Proper Accounting Procedures

51

(12)

Part II Daily Business Transactions

63

(70)

Daily Sales Transactions

65

(14)

Cost of Sales or Services

79

(14)

Discounts, Allowances, and Other Adjustments

93

(14)

Cash Disbursements

107

(14)

The Importance of Work Papers, Receipts, and Other Records

121

(12)

Part III Employees and Payroll

133

(46)

Salary and Wages

135

(10)

Payroll Taxes: Employee/Employer

145

(12)

Posting Payroll, Computing Taxes, and Conforming to Federal and State Rules and Regulations

157

(10)

Payroll Tax Reports

167

(12)

Part IV End-of-the-Month Accounting Tasks and Procedures

179

(64)

Cash Receipts Journal

181

(18)

Cash Disbursements Journal

199

(12)

Payroll Journal and Employee Expense Accounts

211

(10)

Reconciling the Bank Accounts and General Journal Entries

221

(12)

The Trial Balance

233

(10)

Part V Financial Statements

243

(90)

The Monthly Balance Sheet

245

(8)

The Monthly Profit and Loss Statement

253

(8)

End-of-the-Year Payroll Reports and Other Tax Reports

261

(10)

Closing the Books at the End of the Year

271

(8)

Accounting Software Programs

279

(54)

Appendixes

Appendix A Twenty-Minute Recap

287

(6)

Appendix B Sample Forms

293

(32)

Appendix C Accounting Terms, Resources; and Further Reading

325

(4)

Appendix D Answers To ``Hours Up Quizzes''

329

(4)

Index

333

What is included with this book?

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Alpha Teach Yourself Accounting in 24 Hours

Alpha Teach Yourself Accounting in 24 Hours

0028641582

Summary

Author Biography

Table of Contents

Supplemental Materials