By Carol Costa
Be a professional very quickly …
excellent for bookkeepers, accounting clerks, and small company vendors, this sensible advisor is going past normal accounting rules to coach readers find out how to organize and deal with their businesses’ books. during this new version, readers will locate thoroughly revised and up to date details on dealing with revenues and companies, and up to date tax details reflecting adjustments within the tax code.
• excellent for the various practising accountants who're unlicensed bookkeepers, accounting clerks, and small enterprise owners
• There are 3.1 million accountants, bookkeepers, and accounting clerks within the U.S.
• There are an predicted 23 million small enterprise vendors within the united states, a lot of whom deal with their very own books
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Extra info for Alpha Teach Yourself Accounting in 24 Hours
True b. False 2. How is the Gross Profit determined? a. Assets less Liabilities b. Income less Expenses c. Income less Cost of Sales 3. What items will be recorded in the Auto Expenses account? a. Gasoline b. Oil Changes c. Auto Repairs d. All of the above QUIZ HOUR’S UP! 24 Hour 2 4. The Profit and Loss Statement provides information needed to prepare tax returns. a. True b. False 5. What are the three categories of Insurance Expense accounts? a. Home Owners, Fire, and Health b. Group Health, Officers Life, and General c.
The Prepaid Expense account usually has a credit balance. a. True b. False 9. What kind of depreciation is used on the books in an accounting system? b. None c. Straight-line 10. The entry for depreciation on equipment for one month is: a. Debit Depreciation Expense, Credit Cash in Checking b. Credit Accumulated Depreciation–Equipment, Debit Depreciation Expense c. Credit Depreciation Expense, Debit Office Expense QUIZ a.
The expense accounts here will be listed in random order because their placement in the Profit and Loss Statement does not have to follow any particular format. With that said, you can start with Advertising (Account 5100). This account can encompass anything that relates to business promotions: radio and television ads, printed sales flyers mailed to customers, and special promotional expenses such as participation in craft fairs or other events. Auto Expenses (Account 5150) is created as a general account for expenses involving the use of company vehicles, or reimbursement for the use of a personal auto for business.
Alpha Teach Yourself Accounting in 24 Hours by Carol Costa