This self-teaching guide to basic record-keeping procedures is designed to help individuals learn how to protect assets and manage inventory and payroll. Designed to allow individals to work at their own pace, it provides a step-by-step outline of how to manage a typical accounting cycle, from initial transaction through to the final preparation of summary statements. It also teaches how to journalize transactions, post to ledgers and summarize information in periodic financial statements by filling in sample documents, ledger sheets and financial statements, as well as how to apply these skills to specialized situations, such as merchandise accounting, payroll accounting, accounting for inventory and controlling assets. This revised edition features updated information on tax rates, taxable payroll income for FICA and an appendix section on computer-assisted common accounting transactions.