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Generally Accepted Accounting Principles (GAAP) [a] of Canada provided the framework of broad guidelines, conventions, rules and procedures of accounting.In early 2006, the AcSB decided to completely converge Canadian GAAP with international GAAP, i.e. International Financial Reporting Standards (IFRS), as set by the International Accounting Standards Board (IASB), for most entities that must ...
The Phoenix pay system is a payroll processing system for Canadian federal government employees, provided by IBM in June 2011 using PeopleSoft software, and run by Public Services and Procurement Canada. The Public Service Pay Centre is located in Miramichi, New Brunswick.
In Canada, payroll taxes are used to support the government's Pension Plan (CPP or QPP) and Employment Insurance program (EI) while income taxes are used to fund public healthcare and other federal and province/territory programs.
A journal entry is the act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company's debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit. The total of the debits must equal the ...
Folio Number: Every page of a journal is numbered. This number is known as a folio number. [5] The folio number is used as a cross reference between the journal and the ledger accounts. The use of folio numbers makes it easy to refer back from the ledger account to the journal entry or forward from the journal entry to the ledger account.
It is an example of the second type of payroll tax, but unlike in other jurisdictions, it is paid directly by employees rather than employers. Unlike the first type of payroll tax as it is applied in Canada, though, there is no basic personal exemption below which employees are not required to pay the tax.
An example of a payslip from the John Lewis Partnership, showing gross salary, tax and National Insurance paid and yearly bonus entitlement, among other things. A paycheck, also spelled paycheque, pay check or pay cheque, is traditionally a paper document (a cheque) issued by an employer to pay an employee for services rendered.
A general journal is a daybook or subsidiary journal in which transactions relating to adjustment entries, opening stock, depreciation, accounting errors etc. are recorded. The source documents for general journal entries may be journal vouchers, copies of management reports and invoices.