Double Entry Bookkeeping

The accounting records should be kept on a double entry system basis which means that each bookkeeping entry has a debit entry and an equal credit entry. Increases to assets are made with debit entries, while increases to liabilities and equity are made with credit entries. This is the opposite logic used by your banker who calls an increase in your bank account a credit entry. This logic is normal…

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Documents And Information To Take To Your Tax Preparer In USA

The following list of documents needed covers the basic items, additional documents and information will be needed if you had business income and sold a business during the year. You should consult with your accountant in all complex tax situations: Employment information slips Investment information slips for interest, dividends, capital   gains Broker summary information on gains/losses on stock transactions Copy of prior year’s return Dates of birth of spouse…

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Documents And Information To Take To Your Tax Preparer In Canada

The following list of documents needed covers the basic items, additional documents and information will be needed if you had business income and sold a business during the year. You should consult with your accountant in all complex tax situations: Employment information slips Investment information slips for interest, dividends, capital   gains Broker summary information on gains/losses on stock transactions Copy of prior year’s return Dates of birth of spouse…

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Criteria for Finding a New Tax Preparer

Finding a new tax preparer should be undertaken with the following criteria in mind: Check if staff have sufficient training to prepare your returns   properly based on your requirements Tax planning is different than just inputting information into a   tax software program If you have business income, then select a tax preparer with   accounting knowledge as well as tax expertise Check with friends and business associates about…

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Bookkeeping For Small Business

Accurate bookkeeping in Canada as well as bookkeeping in USA for small business is paramount in planning and controlling your operations. A business owner must have the numbers to know what the score is and to see if the sales and profits are within the business plan expectations. You can learn how to look after your own books by taking a bookkeeping course in your area. Also, you could consider…

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Bookkeepers

A Bookkeeper will normally enter the original documents into the accounting records. The accounting records will consist of the following: Cheque register Sales journal Receipts journal Accounts payable ledger Accounts receivable ledger General journal General ledger   The Bookkeeper may also prepare cheques for signature and delivery to payees (creditors). Also, the bookkeeper will perform various office duties as prescribed by his or her supervisor. Computers have made it possible…

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BEST ACCOUNTANT FOR A SMALL BUSINESS

THE BEST ACCOUNTANT FOR A SMALL BUSINESS is one whose main focus is on small business and not mainly larger companies. The accountant should be skilled at communicating with small business owners who can feel comfortable in contacting their accountant to ask questions and get guidance in various financial aspects of their business. Just getting a second opinion can be very valuable when truing to make an important decision. Accountants perform…

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BASIC BOOKKEEPING TRAINING

It is important to get an understanding of the basic bookkeeping principles so you will be able to make proper adjusting journal entries within the various accounting packages. It is recommended that a basic bookkeeping course be undertaken before any training is started in an accounting software package such as QuickBooks and Simply Accounting. Someone with limited time available, such as a business person, will want to customize his or…

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Accounting Questions & Answers

Which assets are classified as current assets? Examples of assets that are usually classified as current assets on a company’s balance sheet include: Cash, which includes checking account balances, currency, and undeposited checks from customers (that are not postdated) petty cash cash equivalents, such as government securities which were purchased within 90 days of their maturity temporary investments, such as certificates of deposit maturing within one year of the balance…

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Accounting Jobs

Accounting jobs require education and experience. You can get both with proper planning and effort. If you are looking for a job right now, then you will have to assess your skill level compared to the industry standards, thus be able to estimate your salary level possibilities. Consider talking to human resource people about the opportunities in your field with your set of skills. Perhaps a little more training will…

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ACCOUNTANTS DEFINED

Accountants are defined in several categories as follows: Duties carried out Education level Education: level: Accountants can possess a designation obtained by passing examination given by recognized professional accounting bodies such as CPA, CA, CMA, CGA. Also, a minimum experience level is required to receive a designation. Continuing education is also required to maintain a high level of competence and knowledge. Accountants can also not possess any designation, but have…

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ACCOUNTANT RESUME

There is endless information on Accounting Resumes On the Internet The design of your accounting resume must highlight the most important information about your accounting experience, skills and education. At a first glance, this information creates a primary image of your accounting skills and abilities among the employers. Preliminary Requirement: Research on your accounting career alternatives and organizations of interest before starting your resume. Organize your thoughts and ideas in…

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