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Accounting Concepts and Principles: Accounting Basics and Fundamentals
Accounting For Canadians For Dummies Cheat Sheet
You are currently using the site but have requested a page in the site. Would you like to change to the site? Maire Loughran. Despite the economic landscape and job market, demand for accountants remains strong, and accountants will continue to see high demand for their services as the economy rebounds and businesses grow. Additionally, one of the effects of the economic downturn is a greater emphasis on accountability, transparency, and controls in financial reporting.
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Every business and not-for-profit entity needs a reliable accounting system to facilitate day-to-day operations and to prepare financial statements, tax returns, and internal reports to managers. The Accounting For Canadians For Dummies Cheat Sheet provides a quick and easy introduction into the key functions and responsibilities of the accounting department in any organization. The following list gives you a pretty clear idea of the back-office functions that accountants perform:. Payroll: The total wages and salaries earned by every employee every pay period, which are called gross wages or gross earnings, have to be calculated. Based on detailed private information in personnel files and earnings-to-date information, the correct amounts for income taxes and several other deductions from gross wages have to be determined. Stubs, which report various information are produced each pay period and given to the employee.