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Accounting At Your Fingertips, 2e
Most small business owners learn early on that it's much cheaper to do their own books (alone or with the assistance of a bookkeeper or accounting clerk) and have them reviewed by an accountant than to have a CPA on staff. With a steady supply of entrepreneurs opening new businesses, there's a real need for a one-stop accounting reference busy owners, bookkeepers, and accounting clerks can use to access the specific information they need quickly and accurately. Accounting at Your Fingertips, Second Edition, helps readers pinpoint the precise information they need on any accounting topic without wasting time.

Divided into concise but complete bites that are easy to find and easy to understand, Accounting at Your Fingertips, Second Edition, covers all topics related to the monthly accounting process. Based on the notion that time is the scarcest commodity of all, this book is organized to allow readers the shortest path to the information they need, including:

  • Organization and proper accounting procedures.
  • Creating a chart of accounts and balance sheet accounts.
  • Posting accounts to the general ledger.
  • Reporting assets and expenses.
  • Handling receivables, payroll, and cost of goods and services.
  • Posting salaries, wages, and payroll taxes.
  • End-of-month accounting tasks and procedures.
  • Producing balance sheets, profit and loss statements, and end-of-year payroll reports. Closing the books at the end of the year.
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Accounting At Your Fingertips, 2e
Most small business owners learn early on that it's much cheaper to do their own books (alone or with the assistance of a bookkeeper or accounting clerk) and have them reviewed by an accountant than to have a CPA on staff. With a steady supply of entrepreneurs opening new businesses, there's a real need for a one-stop accounting reference busy owners, bookkeepers, and accounting clerks can use to access the specific information they need quickly and accurately. Accounting at Your Fingertips, Second Edition, helps readers pinpoint the precise information they need on any accounting topic without wasting time.

Divided into concise but complete bites that are easy to find and easy to understand, Accounting at Your Fingertips, Second Edition, covers all topics related to the monthly accounting process. Based on the notion that time is the scarcest commodity of all, this book is organized to allow readers the shortest path to the information they need, including:

  • Organization and proper accounting procedures.
  • Creating a chart of accounts and balance sheet accounts.
  • Posting accounts to the general ledger.
  • Reporting assets and expenses.
  • Handling receivables, payroll, and cost of goods and services.
  • Posting salaries, wages, and payroll taxes.
  • End-of-month accounting tasks and procedures.
  • Producing balance sheets, profit and loss statements, and end-of-year payroll reports. Closing the books at the end of the year.
10.99 In Stock
Accounting At Your Fingertips, 2e

Accounting At Your Fingertips, 2e

by George R. Murray CPA
Accounting At Your Fingertips, 2e
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Accounting At Your Fingertips, 2e

Accounting At Your Fingertips, 2e

by George R. Murray CPA

Overview

Most small business owners learn early on that it's much cheaper to do their own books (alone or with the assistance of a bookkeeper or accounting clerk) and have them reviewed by an accountant than to have a CPA on staff. With a steady supply of entrepreneurs opening new businesses, there's a real need for a one-stop accounting reference busy owners, bookkeepers, and accounting clerks can use to access the specific information they need quickly and accurately. Accounting at Your Fingertips, Second Edition, helps readers pinpoint the precise information they need on any accounting topic without wasting time.

Divided into concise but complete bites that are easy to find and easy to understand, Accounting at Your Fingertips, Second Edition, covers all topics related to the monthly accounting process. Based on the notion that time is the scarcest commodity of all, this book is organized to allow readers the shortest path to the information they need, including:

  • Organization and proper accounting procedures.
  • Creating a chart of accounts and balance sheet accounts.
  • Posting accounts to the general ledger.
  • Reporting assets and expenses.
  • Handling receivables, payroll, and cost of goods and services.
  • Posting salaries, wages, and payroll taxes.
  • End-of-month accounting tasks and procedures.
  • Producing balance sheets, profit and loss statements, and end-of-year payroll reports. Closing the books at the end of the year.

Product Details

ISBN-13: 9781615642588
Publisher: DK
Publication date: 08/07/2012
Series: At Your Fingertips
Sold by: Penguin Group
Format: eBook
Pages: 416
File size: 8 MB

About the Author

George R. Murray, CPA, is an accountant with more than 45 years of experience. He was formerly managing partner, first with M.O. Wolfe and Company and later with Ernst & Whinney in South Bend, Indiana. He has been in private practice since 1991, specializing in taxation, litigation support, and consulting services for small businesses and start-ups. He graduated summa cum laude from the University of Notre Dame in 1957 with a degree in accounting. He is married, with six children and twelve grandchildren, and is glad to have the opportunity to put down on paper the advice he's been giving clients all these years.

Table of Contents

Chapter 1 Accounting System Setup 1

1.1 Accounting Basics 2

1.2 Determining a Form of Entity 11

1.3 Creating a Filing System 13

1.4 Establishing the Chart of Accounts 15

1.5 Opening the General Ledger 21

Chapter 2 Recording Business Transactions 27

2.1 The Accounting Cycle 28

2.2 Timing 29

2.3 Analyzing Transactions 31

2.4 Recording in Journals 37

2.5 Posting to the General Ledger 47

2.6 Generating Financial Statements 51

Chapter 3 Accounting for Cash 55

3.1 Classifying Cash 56

3.2 The Business Bank Account 59

3.3 Implementing Internal Controls Over Cash 63

3.4 Preparing a Bank Reconciliation 69

3.5 Petty Cash 73

Chapter 4 Sales and Accounts Receivable 75

4.1 Recording Sales 76

4.2 Adjusting and Summarizing Sales 80

4.3 Accounts Receivable 84

4.4 Selling Accounts Receivable 92

4.5 Notes Receivable 94

Chapter 5 Inventory and Cost of Goods Sold 99

5.1 Accounting for Inventory 100

5.2 Determining Inventory Quantity 107

5.3 Figuring Inventory Costs 112

5.4 Inventory Valuation Methods 115

5.5 Cost of Goods Sold 120

Chapter 6 Payables and Cash Disbursements 123

6.1 Accounts Payable 124

6.2 Accounting for Purchases 128

6.3 Notes Payable 134

6.4 Cash Disbursements 136

6.5 Reconciling Accounts Payable 143

Chapter 7 Depreciable Assets and Intangibles 147

7.1 Property, Plant, and Equipment 148

7.2 Depreciation 154

7.3 Disposal of Fixed Assets 163

7.4 Leases 168

7.5 Intangible Assets 172

Chapter 8 Salaries, Wages, and Benefits 179

8.1 Setting Up Payroll 180

8.2 Computing Wages 186

8.3 Making Payroll Deductions 189

8.4 Employer Payroll Taxes 193

8.5 Recording Payroll 196

Chapter 9 Time Value of Money 201

9.1 Time Value Basics 202

9.2 Applying Time Value of Money 207

9.3 Investments 211

9.4 Long-Term Receivables 215

9.5 Capital Leases 217

9.6 Long-Term Liabilities 219

Chapter 10 Monthly Closing Procedures 223

10.1 The Closing Process 224

10.2 Closing Cash Journals 226

10.3 Closing Employee Accounts 236

10.4 Developing a Trial Balance 240

10.5 Adjusting Entries 248

10.6 The Adjusted Trial Balance 253

10.7 Generating Financial Statements 263

Chapter 11 Year-End Reporting 267

11.1 Year-End Closing Procedures 268

11.2 Adjusting Entries 273

11.3 Preparing a Trial Balance 276

11.4 Generating Financial Statements 279

11.5 Opening New Books 285

11.6 Additional Reports 289

Chapter 12 Taxes 293

12.1 Advanced Planning 294

12.2 Payroll Taxes 297

12.3 Sales Taxes 302

12.4 Income Taxes 305

12.5 Record Retention 308

Chapter 13 Analyzing Financial Results 311

13.1 Analysis Methods 312

13.2 Assessing Profitability 319

13.3 Determining Ability to Pay Debt 322

13.4 Measuring Liquidity 324

13.5 Making Decisions 328

Chapter 14 Budgeting and Forecasting 335

14.1 Budgeting Basics 336

14.2 The Sales Forecast 339

14.3 The Production and Inventory Budgets 341

14.4 The Operating Expenses Budget 345

14.5 The Budgeted Income Statement 347

14.6 The Cash Budget 349

14.7 The Budgeted Balance Sheet 354

14.8 Automating the Budget Process 355

Chapter 15 Computerized Accounting 357

15.1 Benefits of Computerized Accounting 358

15.2 Evaluating Computerized Systems 362

15.3 Should You Do Your Accounting Online? 364

15.4 Converting to an Automated System 366

15.5 Customizing and Using Your Software 370

Appendix A Glossary 375

Appendix B Useful Resources 387

Index 393

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