This expanded and updated title explains accounting as the main tool for organizing, maintaining, recording, and analyzing the financial activities of every business. Topics explained include the accounting equation, the different financial statements and their differing functions, the process of recording business transactions, special journals and controls, assets and liabilities, inventories, payroll and government regulations, different forms of business organization, and much more. The text is filled with examples and with review questions and answers. New in this edition is inclusion of the latest available payroll withholding tax tables for Federal, New York State, New York City, and Yonkers municipalities. All payroll topics, including social security taxes, utilize the actual current rates and requirements for each topic presented. Business Review books are designed for classroom use, but are also valuable as self-teaching volumes for businesspersons engaged in various fields. When used in college business courses, these titles make fine supplements to main textbooks. Instructors in adult education and brush-up programs often choose these books as their main classroom text. Barron's Business Review Series provide a streamlined course for students and business people with: — Easy-to-follow formats — Real-life examples and explanations — Review questions and problems with answers explained — Chapter-by-chapter summaries of key concepts