http://www.isnare.com/?s=author&a=John+Day Business Management John Day Thu, 17 Nov 2005 00:00:00 +0800 http://www.isnare.com/?aid=19879&ca=Business+Management Accounting principles are the basic assumptions, rules of operation, and essential characteristics that make up the framework for the construction of accounting financial statements. Long ago, I was perplexed to discover that there was no “set” of accounting principles that was presented in one for... Business Management John Day Thu, 17 Nov 2005 00:00:00 +0800 http://www.isnare.com/?aid=19882&ca=Business+Management Who created accounting principles? Who sets and revises accounting standards? What if you don’t follow all the rules, do you go to jail? Is there an accounting police force that investigates and arrests violators? It would seem that there must be some regulatory force to make sure that providers of... Business Management John Day Thu, 17 Nov 2005 00:00:00 +0800 http://www.isnare.com/?aid=19887&ca=Business+Management Does your business needs an outside accountant? It all depends. If you require an audited or reviewed financial statement, then, yes, you need a CPA. In any event, it is always a good idea to maintain a relationship with an accountant no matter how small your business. Whether your accountant is a... Business Management John Day Thu, 17 Nov 2005 00:00:00 +0800 http://www.isnare.com/?aid=19889&ca=Business+Management I wish I had a nickel for every time someone asked me what the difference is between CPAs and non-certified accountants. Essentially, non-certified accountants can simply hang up their shingle and open their doors for business. There are no educational requirements. If they want to prepare taxes, mo... Business John Day Wed, 24 Aug 2005 00:00:00 +0800 http://www.isnare.com/?aid=8986&ca=Business Definition of Fund; Assets; and Fund Balance According to the “Financial and Accounting Guide for Not-For-Profit Organizations” written by CPAs Gross, Larkin, Bruttomesso, and McNalley, (fifth edition, pg 25) the definition of a these three terms is as follows: - A fund is any part of an organizatio... Business John Day Wed, 24 Aug 2005 00:00:00 +0800 http://www.isnare.com/?aid=8987&ca=Business As a small business owner/manager you must have an understanding of the financial end of your business. Certainly, you have a decent grasp of how the business operates, but are you able to visualize an accounting framework that your transactions fit into? To do this requires becoming familiar with h... Business John Day Wed, 24 Aug 2005 00:00:00 +0800 http://www.isnare.com/?aid=8994&ca=Business Depreciation is defined as a portion of the cost that reflects the use of a fixed asset during an accounting period. A fixed asset is an item that has a useful life of over one year. An accounting period is usually a month, quarter, six months or one year. Let’s say you bought a desk for your office... Finances John Day Wed, 24 Aug 2005 00:00:00 +0800 http://www.isnare.com/?aid=8996&ca=Finances Remember the book called “Catch 22”? It is now commonplace to call a “Damned if you do, and damned if you don’t” situation a “Catch 22”. This is a predicament that many small business owners have found themselves in. Running short of cash, the owner goes to the bank to borrow money, only to find tha... Business Management John Day Tue, 23 Aug 2005 00:00:00 +0800 http://www.isnare.com/?aid=8997&ca=Business+Management You read about this in every newspaper in every town in the entire country: Some bookkeeper, trusted by the owner of a small business, embezzles thousands of dollars. If the theft doesn’t put owner out of business, it certainly causes a major headache. The reason we hear of these cases so often is t...