Accounting for Business VitalSource eText (2e) : 9781442535343

Accounting for Business VitalSource eText (2e)

 
Edition
 
2
ISBN
 
9781442535343
ISBN 10
 
1442535342
Published
 
22/04/2010
Published by
 
Pearson Australia
Pages
 
Format
 
 
Title type
eBook
$91.99
 
 
 
Description

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About the book

Accounting for Business: An Introduction, second edition, has been thoroughly revised to provide vocational students with an up-to-date, comprehensive overview of key financial principles.

Its business-oriented focus combined with a clear, concise writing style – an approach proven successful in the first edition – helps students gain competency in preliminary accounting concepts and applications in a practical way.

Students will learn the principles that underpin the recording and control of business transactions. They will also learn how to build an accounting system for commercial businesses, ranging from the smallest enterprise to a larger trading business.

Table of contents
  • Chapter 1: An Introduction to the study of accounting
  • 1.1 The nature of accounting
  • 1.2 Functions of accounting
  • 1.3 Accounting principles, standards and concepts
  • 1.4 The accounting environment
  • Chapter 2: The accounting equation
  • 2.1 Accounting information
  • 2.2 Definitions
  • 2.3 Accounting equation
  • 2.4 Financial position
  • 2.5 Ledger accounts
  • 2.6 Trial balance
  • 2.7 Balance sheet
  • 2.8 Determining profit or loss
  • 2.9 General journal
  • 2.10 Interim financial statements
  • Chapter 3: The accounting system and the GST
  • 3.1 Introduction
  • 3.2 The transaction processing system
  • 3.3 The accounting system
  • 3.4 The management information system
  • 3.5 Relationship of the accounting and management information systems
  • 3.6 Design of an accounting system
  • 3.7 Designing a filing system
  • 3.8 Internal control
  • 3.9 Electronic business
  • 3.10 Implementing the design of an accounting system
  • 3.11 Accounting policy and procedures manual
  • 3.12 Goods and services tax (GST)
  • 3.13 Accounting for service entities
  • Chapter 4: Recording cash transactions
  • 4.1 Introduction
  • 4.2 Three-journal system for a cash business
  • 4.3 Cash receipts journal
  • 4.4 Cash payments journal
  • Chapter 5: Control over cash
  • 5.1 Importance of cash control
  • 5.2 Policy and procedures that incorporate internal controls over cash
  • 5.3 Bank reconciliation
  • 5.4 Petty cash payments
  • Chapter 6: Recording other transactions—the general journal
  • 6.1 Introduction
  • 6.2 Preparing the general journal
  • 6.3 Posting to the ledger from the general journal
  • 6.4 Preparation of interim financial reports
  • 6.5 Overview of the accounting process—service business
  • Chapter 7: Recording credit transactions
  • 7.1 Credit transactions
  • 7.2 Sales journal
  • 7.3 Sales returns and allowances journal
  • 7.4 Purchases journal
  • 7.5 Purchases returns and allowances journal
  • 7.6 Columnar credit journals
  • 7.7 Comprehensive example–trading business
  • Chapter 8: Control of credit transactions
  • 8.1 Policy and procedures that incorporate internal controls over accounts receivable and accounts payable
  • 8.2 Control accounts and subsidiary ledgers
  • 8.3 Other adjustments affecting accounts receivable and accounts payable
  • 8.4 Illustrative example–trading business
  • Chapter 9: End–of–period adjustments
  • 9.1 Accounting period convention
  • 9.2 Balance day adjustments
  • 9.3 Closing the ledger—profit-determining accounts: service industries
  • 9.4 Closing the ledger—profit-determining accounts: trading industries
  • 9.5 Reversing entries
  • 9.6 Bad and doubtful debts
  • 9.7 Bills of exchange
  • 9.8 GST clearing entry
  • 9.9 Overview of the accounting process
  • Chapter 10: Preparation of end-of-period reports
  • 10.1 Introduction—end-of-period reports
  • 10.2 Income statement and balance sheet for a service business
  • 10.3 Review of end-of-period procedures
  • 10.4 Classification of revenue and expenses
  • 10.5 Presentation and classification of the income statement
  • 10.6 Presentation and classification of the balance sheet
  • 10.7 The worksheet
  • Chapter 11: The complete accounting process
  • 11.1 Introduction
  • 11.2 Comprehensive example
  • Chapter 12: Recording and control of property, plant and equipment
  • 12.1 Property, plant and equipment
  • 12.2 Policy and procedures that incorporate internal controls over property, plant and equipment
  • 12.3 Depreciation
  • 12.4 Disposal of property, plant and equipment
  • 12.5 Property, plant and equipment register
  • 12.6 Tax depreciation for small business entities
  • Chapter 13: Recording and control of payroll
  • 13.1 Introduction
  • 13.2 Determining rate of pay and conditions
  • 13.3 Taxation legislation
  • 13.4 Payroll preparation
  • 13.5 Accounting for payroll
  • 13.6 Role of computer technology
  • Chapter 14: Recording and control on inventories
  • 14.1 Inventories
  • 14.2 Policy and procedures that incorporate internal controls over inventories
  • 14.3 Stocktaking (physical stocktake or inventory)
  • 14.4 Measurement of inventories
  • 14.5 Effect of GST on accounting for inventories
  • 14.6 Systems used to account for inventories:
  • – periodic inventory system
    – perpetual inventory system
  • 14.7 Accounting records and procedures under the perpetual inventory system
  • 14.8 Comparison between periodic and perpetual inventory systems
  • 14.9 Errors in stocktaking
  • 14.10 Retail businesses
  • 14.11 Role of computer technology
Features & benefits
Accounting for Business: An Introduction includes:
  • A list of relevant Competencies and Chapter Elements at the beginning of each chapter that provide students with a clear learning roadmap
  • A chapter on the Recording and Control of Inventories to cover FNSACCT406A Maintain asset and inventory records 
  • Highlighted Key terms that students should know 
  • Relevant concepts applied to computerised accounting to reflect today’s computer-based accounting practices 
  • Thorough Review Exercises and Underpinning Knowledge questions to help students consolidate their knowledge, while Application Case Study questions help them build real understanding of key concepts 
  • Solutions to some Assessment, Underpinning and Application questions that help students assess their own progress.
  • Business Scenarios to illustrate important accounting principles through realistic examples 
  • A Glossary of key terms.
Author biography
Stephen Marley and Jeffrey Pedersen are accounting teachers with many years’ teaching experience in vocational education. In addition, Stephen Marley is a practicing Chartered Accountant specialising in assisting small business for more than 30 years and Jeffrey Pedersen, a Certified Practising Accountant, is experienced in small business management, accounting and auditing for business.

They are both experienced authors, having written numerous accounting titles for vocational education students.
Target audience

FNS10 Financial Services Training Package units
BSBFIA401A Prepare financial reports
BSBFIA402A Report on financial activity
FNSACC301A Process financial transactions and extract interim reports
FNSACC302A Administer subsidiary accounts and ledgers
FNSACC405A Maintain inventory records
FNSACM301A Administer financial accounts
FNSACM302A Prepare, match and process receipts
FNSACM303A Process payment documentation

BSB07 Business Services Training Package units
BSBFIA301A Maintain Financial Records
BSBFIA302A Process payroll
BSBFIA303A Process Accounts Payable and Receivable
BSBFIA304A Maintain a General Ledger
BSBFIA401A Prepare Financial Reports

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