Accounting For Canadians For Dummies

Get it right with this accessible guide to Canadian accounting practices 

As the demand for on-the-money accounting expertise grows in Canada’s increasingly complex public and private business landscape, current and future accounting professionals need a comprehensive resource that’s tailored specifically to their financial world. This revised edition takes you through what you need to know in straightforward language, from the basics to advanced issues such as income statements and balance sheets, budgets and budgeting, and the ins and outs of the GAAP.

In addition to advice on general accounting procedures, Accounting For Canadians For Dummies includes coverage of the latest regulations in all areas of the Canadian economy, keeping you on the right side of the law as it applies to government, public, and private sectors. The book is also a must-have for salary accountants working for accounting, tax preparation, bookkeeping, and payroll services firms.

•  Align with the most recent International Financial Reporting Standards
• Comply with the latest need-to-know regulations for private enterprise
• Use guidelines on common procedures such as tracking inventory, profit and cash flow, and evaluating profit margins
• Get expert advice on budgeting and payroll best practices  

Whether you’re a professional or studying for your future career, Accounting For Canadians For Dummies gives you an authoritative, easy-to-follow path to success!

John A. Tracy, CPA, is professor of accounting, emeritus, at the University of Colorado in Boulder. Earlier in his career, he was a staff accountant with Ernst & Young.

Cécile Laurin, CPA, CA, is a professor of accounting at Algonquin College of Applied Arts and Technology in Ottawa. She has been chief financial officer for three engineering firms and a law firm.

Introduction 1

Part 1: Opening the Books on Accounting 5

Chapter 1: Accounting: The Language of Business, Investing, Finance, and Taxes 7

Chapter 2: Financial Statements and Accounting Standards 27

Chapter 3: Bookkeeping and Accounting Systems 49

Part 2: Exploring Financial Statements 73

Chapter 4: Reporting Revenue, Expenses, and the Bottom Line 75

Chapter 5: Reporting Assets, Liabilities, and Owners’ Equity 99

Chapter 6: Reporting Cash Flows 123

Chapter 7: Choosing Accounting Methods: Different Strokes for Different Folks 141

Part 3: Preparing and Using Financial Reports 163

Chapter 8: Deciding the Legal Structure for a Business 165

Chapter 9: Getting a Financial Report Ready for Release 183

Chapter 10: How Lenders and Investors Read a Financial Report 205

Chapter 11: How Business Managers Use a Financial Report 231

Part 4: Accounting in Business Management 251

Chapter 12: Analyzing and Managing Profit 253

Chapter 13: Accounting for Costs 275

Chapter 14: Budgeting 297

Part 5: The Part of Tens 317

Chapter 15: Ten Tips for Managers 319

Chapter 16: Ten Tips for Reading a Financial Report 329

Glossary: Slashing through the Accounting Jargon Jungle 339

Index 351

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