Simply Accounting

Title Page......Page 1
Contents......Page 3
Starting a Business......Page 9
Assets, Liabilities and Equity......Page 13
Changes in Assets, Liabilities and Equity......Page 14
Changes Caused by Earnings......Page 17
Revenues and Expenses......Page 19
When to Record Revenues and Expenses......Page 21
Recording Transactions......Page 23
Debits and Credits......Page 26
Debits and Credits on the Balance Sheet......Page 29
Revenues and Expenses......Page 30
Why and How......Page 33
Debits and Credits Affect Both Statements......Page 34
Why and How......Page 37
National Construction's Journal......Page 39
Why and How......Page 43
Posting......Page 44
Manual Accounting Systems......Page 45
Assets......Page 47
Equity......Page 48
The Income Statement......Page 49
Net Income......Page 50
When and Why......Page 53
Prepaid Expenses......Page 54
Bad Debts......Page 55
Depreciation......Page 56
Accrued Expenses......Page 57
Accrued Revenues......Page 59
The Finished Financial Statements......Page 61
Closing the Books......Page 63
Opening the Books......Page 65
Summary of Financial Statement Preparation......Page 67
Partnerships......Page 69
Corporations......Page 71
Why and How......Page 75
Accounts Payable......Page 76
Inventory......Page 77
Discounts......Page 79
Bad Debts......Page 80
Prepayments......Page 81
Payroll Accounting......Page 83
Determining an Employee's Gross Earnings......Page 85
Overtime Pay......Page 86
Commission......Page 87
Vacation Pay......Page 88
Determining the Employee's Deductions......Page 90
CPP Contribution......Page 91
EI Premiums......Page 92
Registered Pension Plan Contributions......Page 94
Income Tax......Page 95
Medical......Page 96
GST Payroll Deductions......Page 97
CPP and EI Expenses......Page 98
Updating the Employee's Payroll Record......Page 99
Remitting Funds to the Receiver General and Other Agencies......Page 101
Ontario Employer Health Tax......Page 102
Payroll Accounting in the Province of Quebec......Page 104
Inventory Accounting......Page 107
Accounting Control of Inventory......Page 109
General Ledger Accounts in Inventory Accounting......Page 110
Goods and Services Tax......Page 114
Provincial Sales Tax......Page 116
Project Costs......Page 117
Profit Centres......Page 118
Setting Up General Ledger Accounts......Page 121
Accounting for Purchases......Page 122
Accounting for Sales......Page 123
Adjustments......Page 124
Clearing the Tax Accounts......Page 125
Glossary......Page 127
Index......Page 133