Alpha Teach Yourself Accounting in 24 Hours, 2nd Edition

Overview

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...

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Overview

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

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Product Details

  • ISBN-13: 9781592575022
  • Publisher: DK Publishing, Inc.
  • Publication date: 6/6/2006
  • Series: Alpha Teach Yourself in 24 Hours Series
  • Edition description: New Edition
  • Edition number: 2
  • Pages: 368
  • Sales rank: 634,160
  • Product dimensions: 7.34 (w) x 9.18 (h) x 0.79 (d)

Meet the Author

Carol Costa has written for numerous business publications and has been a correspondent for the Phoenix Business Journal and The Tucson Business Chronicle. She has owned a bookkeeping and tax service and worked as an accountant.
C. Wesley Addison, CPA, holds a Master's degree in accounting and is a member of AICPA and ASCPA. With over 20 years' experience in all aspects of accounting and taxes, he is the senior partner of Addison and Gadea, a public accounting firm in Tucson, Arizona.
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Table of Contents

Introduction ix
Part I The Chart of Accounts, How it Relates to the General Ledger and the Financial Statements 1
Hour 1 The Chart of Accounts/Balance Sheet Accounts 3
Introduction to the General Ledger 4
The Balance Sheet Accounts 5
Assets 6
Liabilities 9
Equity Accounts 11
Hour's Up! 13
Hour 2 Profit and Loss Statement Accounts 15
Income Accounts 16
Cost of Sales Accounts 17
Expense Accounts 18
Hour's Up! 23
Hour 3 Chart of Accounts Becomes the General Ledger 25
Accounting Periods 26
Opening Entries 27
Debit and Credit Accounts 28
Posting to the General Ledger 30
Hour's Up! 36
Hour 4 Depreciable Assets, Prepaid Expenses, and Other Accounts 39
Depreciating Assets 39
Prepaid Expenses 43
Adding Other Accounts to the General Ledger 45
Eliminating Accounts from the General Ledger 47
Hour's Up! 48
Hour 5 Organization and Proper Accounting Procedures 51
Establishing and Managing an Operating Account 51
Supplies 54
Organizing Accounting Files 56
Managing Files and Documents 58
Hour's Up! 60
Part II Daily Business Transactions 63
Hour 6 Daily Sales Transactions 65
Cash Sales 65
Credit Sales 70
Combining Cash and Credit Sales 72
Combining Cash and Credit Sales in Accounts Receivable 74
Hour's Up! 76
Hour 7 Cost of Sales or Services 79
Purchases 79
Inventory Additions/Subtractions 80
Accounts Payable 86
Hour's Up! 90
Hour 8 Discounts, Allowances, and Other Adjustments 93
Sales Discounts 93
Sales Returns and Allowances 95
Purchase Discounts 98
Purchase Refunds and Allowances 99
Interest Calculations and Adjustments 99
Other Miscellaneous Adjustments 102
Hour's Up! 104
Hour 9 Cash Disbursements 107
Business Checking Account 107
Accounts Payable 110
General Expenses 113
Posting Disbursements to the General Ledger 115
Hour's Up! 118
Hour 10 The Importance of Work Papers, Receipts, and Other Records 121
The Records to Keep 121
Storing Records 123
How Long Should Records Be Retained? 123
Reconciling and Paying Vendor Accounts 124
Completing Sales Tax Reports and Paying the Taxes 126
Hour's Up! 131
Part III Employees and Payroll 133
Hour 11 Salary and Wages 135
Hiring Employees 136
Required Government Forms 137
Form W-4 137
Form I-9 138
Form W-5 138
Various Types of Wages and Pay Periods 138
Hour's Up! 143
Hour 12 Payroll Taxes: Employee/Employer 145
Social Security Tax 145
Medicare Tax 146
Federal Withholding Tax 147
State Withholding Tax 149
Calculating Payroll Checks 150
Unemployment Taxes 152
Hour's Up! 154
Hour 13 Posting Payroll, Computing Taxes, and Conforming to Federal and State Rules and Regulations 157
Payroll Tax Deposits 161
Avoiding Tax Penalties 164
Conforming to Federal and State Regulations 165
Hour's Up! 165
Hour 14 Payroll Tax Reports 167
Employee Ledgers 167
Federal Tax Reports 168
State Tax Reports 170
Unemployment Reports 173
How the Owner Pays Taxes 176
Hour's Up! 177
Part IV End-of-the-Month Accounting Tasks and Procedures 179
Hour 15 Cash Receipts Journal 181
Current Month and Year-to-Date Financial Data 181
Cash/Credit Transactions 188
Posting Cash Receipts and Sales to the General Ledger 190
Balancing Accounts Receivable 192
Statements to Customers 195
Hour's Up! 196
Hour 16 Cash Disbursements Journal 199
Balancing Accrual Accounts 199
Paying Taxes 200
Petty Cash Funds 202
Temporary Posting Distributions 207
Hour's Up! 208
Hour 17 Payroll Journal and Employee Expense Accounts 211
Employee Expense Accounts 211
Using a Payroll Service 214
Posting to the General Ledger 217
Hour's Up! 219
Hour 18 Reconciling the Bank Accounts and General Journal Entries 221
Balancing the Bank Accounts 221
General Journal Entries 225
Posting to the General Ledger 226
Hour's Up! 230
Hour 19 The Trial Balance 233
Reviewing the General Ledger Accounts 233
How the Financial Statements Evolve 238
Formatting the Profit and Loss Statement 239
Hour's Up! 240
Part V Financial Statements 243
Hour 20 The Monthly Balance Sheet 245
Producing the Balance Sheet 245
The Balance Sheet as a Management Tool 249
Hour's Up! 250
Hour 21 The Monthly Profit and Loss Statement 253
Issuing the Profit and Loss Statement 253
Using the Profit and Loss Statement 256
Tailoring the Income Statement to Specific Needs 257
Hour's Up! 259
Hour 22 End-of-the-Year Payroll Reports and Other Tax Reports 261
W-2s for Employees 262
1099s for Vendors 267
Completing the Federal Unemployment Tax Report 268
Personal and Business Tax Returns 268
Hour's Up! 269
Hour 23 Closing the Books at the End of the Year 271
What Happens to the General Ledger 271
Customer Accounts 273
Vendor Accounts 275
Moving from One Year to the Next 275
Hour's Up! 276
Hour 24 Accounting Software Programs 279
Setting Up a Computer Program 281
Modifying Programs to Specific Needs 282
Converting a Manual System to a Computerized System 283
Hour's Up! 284
Appendixes
Appendix A Twenty-Minute Recap 287
Appendix B Sample Forms 293
Appendix C Accounting Terms, Resources, and Further Reading 325
Appendix D Answers to "Hour's Up!" Quizzes 329
Index 333
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