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Book Description

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.

Table of Contents

  1. Cover
  2. Title Page
  3. Copyright
  4. Contents
  5. Introduction
  6. Chapter 1 Accounting System Setup
    1. 1.1 Accounting Basics
    2. 1.2 Determining a Form of Entity
    3. 1.3 Creating a Filing System
    4. 1.4 Establishing the Chart of Accounts
    5. 1.5 Opening the General Ledger
  7. Chapter 2 Recording Business Transactions
    1. 2.1 The Accounting Cycle
    2. 2.2 Timing
    3. 2.3 Analyzing Transactions
    4. 2.4 Recording in Journals
    5. 2.5 Posting to the General Ledger
    6. 2.6 Generating Financial Statements
  8. Chapter 3 Accounting for Cash
    1. 3.1 Classifying Cash
    2. 3.2 The Business Bank Account
    3. 3.3 Implementing Internal Controls Over Cash
    4. 3.4 Preparing a Bank Reconciliation
    5. 3.5 Petty Cash
  9. Chapter 4 Sales and Accounts Receivable
    1. 4.1 Recording Sales
    2. 4.2 Adjusting and Summarizing Sales
    3. 4.3 Accounts Receivable
    4. 4.4 Selling Accounts Receivable
    5. 4.5 Notes Receivable
  10. Chapter 5 Inventory and Cost of Goods Sold
    1. 5.1 Accounting for Inventory
    2. 5.2 Determining Inventory Quantity
    3. 5.3 Figuring Inventory Costs
    4. 5.4 Inventory Valuation Methods
    5. 5.5 Cost of Goods Sold
  11. Chapter 6 Payables and Cash Disbursements
    1. 6.1 Accounts Payable
    2. 6.2 Accounting for Purchases
    3. 6.3 Notes Payable
    4. 6.4 Cash Disbursements
    5. 6.5 Reconciling Accounts Payable
  12. Chapter 7 Depreciable Assets and Intangibles
    1. 7.1 Property, Plant, and Equipment
    2. 7.2 Depreciation
    3. 7.3 Disposal of Fixed Assets
    4. 7.4 Leases
    5. 7.5 Intangible Assets
  13. Chapter 8 Salaries, Wages, and Benefits
    1. 8.1 Setting Up Payroll
    2. 8.2 Computing Wages
    3. 8.3 Making Payroll Deductions
    4. 8.4 Employer Payroll Taxes
    5. 8.5 Recording Payroll
  14. Chapter 9 Time Value of Money
    1. 9.1 Time Value Basics
    2. 9.2 Applying Time Value of Money
    3. 9.3 Investments
    4. 9.4 Long-Term Receivables
    5. 9.5 Capital Leases
    6. 9.6 Long-Term Liabilities
  15. Chapter 10 Monthly Closing Procedures
    1. 10.1 The Closing Process
    2. 10.2 Closing Cash Journals
    3. 10.3 Closing Employee Accounts
    4. 10.4 Developing a Trial Balance
    5. 10.5 Adjusting Entries
    6. 10.6 The Adjusted Trial Balance
    7. 10.7 Generating Financial Statements
  16. Chapter 11 Year-End Reporting
    1. 11.1 Year-End Closing Procedures
    2. 11.2 Adjusting Entries
    3. 11.3 Preparing a Trial Balance
    4. 11.4 Generating Financial Statements
    5. 11.5 Opening New Books
    6. 11.6 Additional Reports
  17. Chapter 12 Taxes
    1. 12.1 Advanced Planning
    2. 12.2 Payroll Taxes
    3. 12.3 Sales Taxes
    4. 12.4 Income Taxes
    5. 12.5 Record Retention
  18. Chapter 13 Analyzing Financial Results
    1. 13.1 Analysis Methods
    2. 13.2 Assessing Profitability
    3. 13.3 Determining Ability to Pay Debt
    4. 13.4 Measuring Liquidity
    5. 13.5 Making Decisions
  19. Chapter 14 Budgeting and Forecasting
    1. 14.1 Budgeting Basics
    2. 14.2 The Sales Forecast
    3. 14.3 The Production and Inventory Budgets
    4. 14.4 The Operating Expenses Budget
    5. 14.5 The Budgeted Income Statement
    6. 14.6 The Cash Budget
    7. 14.7 The Budgeted Balance Sheet
    8. 14.8 Automating the Budget Process
  20. Chapter 15 Computerized Accounting
    1. 15.1 Benefits of Computerized Accounting
    2. 15.2 Evaluating Computerized Systems
    3. 15.3 Should You Do Your Accounting Online?
    4. 15.4 Converting to an Automated System
    5. 15.5 Customizing and Using Your Software
  21. Appendixes
    1. Appendix A Glossary
    2. Appendix B Useful Resources
  22. Index
  23. About the Authors
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