By John A. Tracy, Cecile Laurin
The basically consultant 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 a person attracted to doing so. filled with the data accountants and auditors who paintings in private and non-private industries and in govt want to know to be able to remain at the correct part of Canadian accounting legislations, the ebook can be vital for wage accountants operating for accounting, tax instruction, bookkeeping, and payroll prone firms.
- Essential examining because the new GAAP grew to become vital for publicly liable organizations and executive enterprise companies at the start of 2011
- Covers the recent overseas monetary Reporting criteria
- Addresses new criteria for personal organisations that...
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Extra resources for Accounting For Canadians For Dummies
Includes index. ISBN 978-1-118-13346-0 1. Accounting. 2. Accounting—Canada. I. Laurin, Cécile II. Title. T73 2011 657 C2011-907363-3 ISBN 978-1-118-13346-0 (pbk); ISBN 978-1-118-22372-7 (ebk); ISBN 978-1-118-22381-9 (ebk); ISBN 978-1-118-22386-4 (ebk) Printed in United States of America 1 2 3 4 5 RRD 15 14 13 12 11 About the Authors John A. Tracy (Boulder, Colorado) is Professor of Accounting, Emeritus, at the University of Colorado in Boulder. Before his 35-year tenure at Boulder, he was on the business faculty for four years at the University of California in Berkeley.
The accountant could have dropped off the last three digits in the income statement, but probably wouldn’t in most cases. Many accountants don’t like rounding off amounts reported in a financial statement, so you see every amount carried out to the last dollar, and sometimes even to the last penny. 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.
In financial reports to investors and lenders, a business must obey authoritative accounting and financial reporting standards. If not, its financial reports would be misleading and possibly fraudulent, which could have dire consequences. Bookkeeping — the recordkeeping part of accounting — must be done well to ensure that the business’s financial information is timely, complete, accurate, and reliable — especially the numbers reported in its financial statements and tax returns. Wrong numbers in financial reports and tax returns can cause all sorts of trouble.