By Carol Costa
Be a professional very quickly …
perfect for bookkeepers, accounting clerks, and small enterprise proprietors, this functional advisor is going past basic accounting ideas to educate readers how one can arrange and deal with their businesses’ books. during this new version, readers will locate thoroughly revised and up to date info on dealing with revenues and companies, and up-to-date tax info reflecting alterations within the tax code.
• ideal for the numerous training accountants who're unlicensed bookkeepers, accounting clerks, and small company owners
• There are 3.1 million accountants, bookkeepers, and accounting clerks within the U.S.
• There are an expected 23 million small company proprietors within the united states, a lot of whom deal with their very own books
Read Online or Download Alpha Teach Yourself Accounting in 24 Hours PDF
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Additional resources for Alpha Teach Yourself Accounting in 24 Hours
When you are setting up a Chart of Accounts, you include all the standard accounts the business will need. However, as time goes on, there will be changes that require modifications to the Chart of Accounts. 45 46 Hour 4 A manufacturing company provides the best example of the kinds of changes that can occur. A new company begins with one product but then begins to add others. All the products could be included in one Inventory account, but it may be more efficient to set up a new account for each one.
Others add additional accounts to their General Ledger so that specific information can be obtained from the financial reports. The Chart of Accounts and the General Ledger are designed to be flexible. It is this flexibility that enables the basic elements of accounting to work for any type of business enterprise. DEPRECIATING ASSETS You have already learned that separate accounts in the Asset section of the General Ledger are used to record the cost of major expenditures for property used for business purposes.
They are used for tax purposes only and cannot be used or recorded in an accounting system. The only type of depreciation used on the books for accounting purposes is the straight-line method of depreciation. This method of depreciation is simple and easy to use on a monthly basis. In straight-line or book depreciation, the life of the asset is determined, and then the cost of the asset is written off over the course of that period of time. In the Chart of Accounts, you set up various depreciable asset accounts.
Alpha Teach Yourself Accounting in 24 Hours by Carol Costa
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