By Carol Costa
Be a professional very quickly …
perfect for bookkeepers, accounting clerks, and small company vendors, this useful consultant is going past basic accounting rules to coach readers the best way to organize 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 prone, and up to date tax details reflecting alterations within the tax code.
• ideal for the various training 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 envisioned 23 million small company vendors 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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Extra info for Alpha Teach Yourself Accounting in 24 Hours
Miscellaneous Expense (Account 6280) is set up for small expenditures that don’t fit into another account category. Most companies have a separate account to track mailing costs—that is Postage (Account 6290). Everything else from paper to paper clips can be recorded in Office Expense (Account 6300). Profit and Loss Statement Accounts 21 Many companies rent their business space, and those rents are recorded in Rent Expense (Account 6360). The next account to set up is Repairs and Maintenance (Account 6380).
False 2. Accounts that normally carry a debit balance include: a. Rent Expense, Land, and Sales Discounts b. Accounts Payable, Organization Costs, and Drawing c. Purchase Discounts, Inventory, and Cash in Savings 3. When income is received by a business, cash is debited. a. True b. False 4. The Chart of Accounts is transferred to the General Ledger in alpha- betical order. a. True b. False 5. The receipt of loan proceeds would result in what entry? a. Debit Capital, Credit Accounts Payable b. Debit Cash, Credit Loan Payable c.
A. True b. False 3. You can always eliminate any account in the General Ledger. a. True b. False Depreciable Assets, Prepaid Expenses, and Other Accounts 49 4. A manufacturing company may have a separate inventory account for which of the following? a. Raw Materials b. Finished Goods c. Work in Progress d. All of the Above 5. Using a Prepaid Expense account provides a more accurate monthly profit or loss figure. a. True b. False 6. Depreciation is an expense used for tax purposes. a. True b. False 7.