Accounting For Canadians For Dummies by John A. Tracy, Cecile Laurin

By John A. Tracy, Cecile Laurin

The basically advisor to accounting tailored for Canadians, now revised and updated

Job customers are stable for these trying to input the Canadian accounting undefined, and Accounting For Canadians, moment Edition is the fundamental source for somebody attracted to doing so. jam-packed with the data accountants and auditors who paintings in private and non-private industries and in govt want to know with the intention to remain at the correct facet of Canadian accounting legislations, the ebook can be essential for wage accountants operating for accounting, tax guidance, bookkeeping, and payroll companies firms.

  • Essential interpreting because the new GAAP grew to become crucial for publicly responsible agencies and govt enterprise businesses initially of 2011
  • Covers the recent overseas monetary Reporting criteria
  • Addresses new criteria for personal firms that...

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Cash collections: All cash received from sales and from all other sources has to be carefully identified and recorded, not only in the cash account but also in the appropriate account for the source of the cash received. The accounting department makes sure that the cash is deposited in the appropriate business chequing accounts and that the business keeps an adequate amount of coin and currency on hand for making change for customers. Accountants balance the business’s chequebook and control who has access to incoming cash receipts.

However, this gives a false sense of precision. Accounting for business transactions cannot be accurate down to the last dollar; this is nonsense. The late Kenneth Boulding, a well-known economist, once quipped that accountants would rather be precisely wrong than approximately correct. Ouch! That stings because the comment has a strong element of truth behind it. The final number in a column typically is double underlined, as you see for the $281,000 bottom-line profit number in the income statement.

The total amounts of withheld income taxes, Canada or Quebec Pension Plans, and Employment Insurance premiums imposed on the employee and employer have to be paid to the federal government (and, in the case of Quebec, the provincial government) on time. Retirement, vacation, sick pay, and other benefits that employees earn have to be updated every pay period. In short, payroll is a complex and critical function that the accounting department performs. Many businesses outsource payroll functions to companies or banks that specialize in this area.

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