Index
450
bank account, imprest, 310, 338
bank errors, 302–303
bank overdraft, 289
bank reconciliations
bank errors, 302–303
defined, 294
ledger errors, 303–305
outstanding cheques, 301–302
outstanding deposits, 299–300
overview, 294
reconciliation summary, 305–309
unrecorded charges from statement,
296–299
unrecorded deposits from statement,
294–296
base-figure, 359
base-year, 357
borrowing money, 14–16
business accounts, 27–31
business organization forms
corporation, 61–63
not-for-profit, 63
partnership, 60–61
sole proprietorship, 59–60
business transactions, examples of, 39–48
buying assets, 16–17
C
Canada Pension Plan (CPP), 328, 343–344
Canadian Bill 198 (2003), 317
capital
defined, 20
owner’s account, 30
share, 352
working, 155, 364
cash controls
bank reconciliations.
See
bank
reconciliations
cash transactions, 292
debit and credit card transactions, 293
guidelines, 290–291
overview, 289
cash discounts, 177
cash equivalents, 289
cash flow statements, 373–377
cash flow vs. accruals, 11
cash payments journal, 259, 269–272
cash receipts journal, 259, 264–267
cash transactions, 292–293
cash-based vs. accrual-based accounting, 11
Certified General Accountant (CGA), 58
Certified Management Accountant (CMA),
58
chart of accounts, 86
Chartered Accountant (CA), 58
Chartered Professional Accountant (CPA),
58–59
classified balance sheet, 150–154
classified multistep income statement, 187
closing entries
direct method, 140–144, 146
income summary method, 144–146
merchandising business, 188–190
overview, 139
periodic inventory system, 216–217
perpetual inventory system, 188–190
post-closing trial balance, 149–150
closing the books, 139
comparability, 66
compliance, 191–192
comprehensive balance sheet, 356
comprehensive income, 355
computerized accounting
correcting errors, 305
evolution to, 156–157
overview, 274
software.
See
accounting software
conceptual framework of accounting, 63–69
conservatism, 65
consistency, 68
contra account, 117–118
control account, 259
controls
accounting software, 95–96
adjusting entries, 124
