By John A. Tracy, Cecile Laurin

The simply consultant to accounting tailored for Canadians, now revised and updated

Job clients are sturdy for these trying to input the Canadian accounting undefined, and Accounting For Canadians, moment Edition is the fundamental source for somebody attracted to doing so. choked with the data accountants and auditors who paintings in private and non-private industries and in govt want to know with the intention to remain at the correct facet of Canadian accounting legislations, the ebook can also be a must have for wage accountants operating for accounting, tax guidance, bookkeeping, and payroll prone firms.

  • Essential analyzing because the new GAAP turned necessary for publicly responsible companies and govt company organisations initially of 2011
  • Covers the recent overseas monetary Reporting criteria
  • Addresses new criteria for personal businesses that...

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Example text

For example, products that were being held for sale to customers (until they floated down the river) must be removed from the inventory asset account. A business may decide to abandon a major product line and downsize its workforce and must pay severance compensation to the laid-off employees. As we explain in more detail in Chapter 3, at the end of the year the accountant makes a special survey to make sure that all events and developments during the year that should be recorded have been recorded, so that the financial statements and tax returns for the year are complete and correct.

Accountants certainly are more detail-oriented than your average person. However, you don’t have to be good at mathematics to be a good accountant, as they use very little math (no calculus and only simple algebra). Accountants are very good at one thing: They want to see both sides of financial transactions — the give and take. They know better than anyone that, as economists are fond of saying, there’s no such thing as a free lunch. If you walked down a busy street in Vancouver, Toronto, or Montreal, we doubt that you could pick out the accountants.

Because it plays off the stereotype of the CA (chartered accountant) as a “bean counter” who wears a green eyeshade and has the personality of an undertaker (no offence to morticians). Maybe you’ve heard the joke that an accountant with a personality is one who looks at your shoes when he is talking to you, instead his own shoes. Like most stereotypes, an element of truth exists in the preconceived image of accountants. We have met and known a large number of accountants, and most are not as gregarious as used-car sales people (though some are).

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