Tags |
|
|
Links |
|
|
Actual for You - Accounting Conventions and Accounting Concepts
You now have your own business and it is flourishing! What a wonderful time in your life! Maybe you started your business using the pencil and paper accounting that you learned in high school or even college. Maybe you have really moved into the computer age and you have an Excel spreadsheet that you have created. When your business is really flourishing is the time that you need to realize that it is also the prime opportunity to rethink how you are controlling your finances?Now is the perfect time that to look into accounting software; but more appropriate it is time to find the right software package to meet your businesses growing fiscal demands. This is the prime opportunity to evaluate whether your business is one that requires more records than just income and expenses. If you are required to track more than income and expenses then it is time to invest in a software package.Here are some other considerations that you must take into account:• Do you have more than fifty transactions in a month?• Do you have customers that you extend credit?• Are you incorporated?• Are you computer literate or is one of your family members computer literate?• Are you spending a lot of money on a bookkeeper that is still us
Finding good wholesale products and sources for your business can be one of the most difficult tasks that you face when starting a new enterprise.It can cost you a ton of time and money. But there are some things you can do in your search for wholesalers, liquidators, drop-shippers and other wholesale companies to make sure that your searching doesn't leave you empty-handed.There are lots of ways to locate wholesalers, but here are three great strategies to get you started:STRATEGY #1: Start At The Top and Work Your Way Down.If you already know the manufacturer of the product that you are searching for at wholesale, then the manufacturer is the first company you need to contact.Now, maybe you are just starting out and your company is too small to deal directly with the manufacturer or maybe you don't have the money to buy wholesale in large quantity. That's OK, you still need to contact the manufacturer first. Even if you want to buy directly from them, they may not sell to you, they may send you to their authorized wholesale distributors.They may also be able to send you to a dropshipper who could dropship the products directly to your customers so you don't have to stock any inventory. It will depend on the company. Either
The convention of relevance emphasizes the fact that only such information should be made available by accounting as is relevant and useful for achieving its objectives. For example, business is interested in knowing as to what has been total labor cost? It is not interested in knowing how much employees spend and what they save.
(2) Objectivity
The convention of objectivity emphasizes that accounting information should be measured and expressed by the standards which are commonly acceptable. For example, stock of goods lying unsold at the end of the year should be valued as its cost price not at a higher price even if it is likely to be sold at higher price in future. Reason is that n
I was recently invited as a guest on a 4-day cruise boarding a ”True” Luxury Liner. Every room was a suite. I knew via their website we had a bathroom bigger than the one in my home, a sitting room, bedroom, mini-bar and balcony. I knew I needed a break and kept saying I did. It came just before I was due for foot surgery. In my heart I know when we continue to say what we want and believe, it comes to us bigger than what we expect.I had also wanted to fly home and see my mother who is in an assisted living home. I knew I wouldn’t be seeing her for some time due to my foot surgery coming up and really wanted to get home. So I asked. On our return flight we were able to stop to see my mom for a couple of days. The timing was amazing but I believed.The day after returning home I went into surgery. Before I went in I had a concern that I would lose momentum in my business with a 12-week recovery period. As I looked at what I had accomplished and believed there was a great downtime opportunity to create, I KNEW I wouldn’t have any problem. I believed everything would be all right. The second I woke up from my surgery I KNEW I would continue to achieve my goals. It’s the first thing I thought about when I opened my eyes. It was like a gift that
(2) Objectivity
The convention of objectivity emphasizes that accounting information should be measured and expressed by the standards which are commonly acceptable. For example, stock of goods lying unsold at the end of the year should be valued as its cost price not at a higher price even if it is likely to be sold at higher price in future. Reason is that
If you don’t, it could cost you a lot of money. Particularly if you’re a small business, start-up or a company looking for short-term office accommodations. At first glance you might say to yourself, “Executive suites sound way too expensive for my budget.” But don’t be fooled by a name. If you’re looking to set-up and staff an office, executive office space could save you as much as 70% over commercial office space. Executive suites go by several different names. They might be called: Shared Office Space Temporary Office Space Executive Office Space They all refer to the basically the same type of money saving, anti-hassle, easy to set up office space that can be found in most cities in the U.S. and even overseas. They are often located in prestigious office buildings which give you the look of success before your name even goes on the door. So why are ‘executive suites’ often better than commercial space? The word ‘Contract’ is one big difference. Most commercial space requires a long-term contract, which is not altogether bad if you’re a well-established company. But many companies don’t want to be tied to an office location for a year to ten years. So
(2) Objectivity
The convention of objectivity emphasizes that accounting information should be measured and expressed by the standards which are commonly acceptable. For example, stock of goods lying unsold at the end of the year should be valued as its cost price not at a higher price even if it is likely to be sold at higher price in future. Reason is that
Keeping a journal is a proven, powerful tool to enhance and benefit not only your personal life and well being. Journaling can also do the same for your work life. It is a way to record and track daily activities and thoughts, which can help with long term projects and goals.You can record the what, when, where, and why of what is important for you, your career, and your company. You can journal in a blank book, in your daily planner, on your computer, on cassette, or even on video. Use the system that most fits and supports your routine.Some Benefits of Keeping a Journal· Set goals and resolutions · Solve problems, revealing solutions · See what you are thinking · Understand habits and patterns · Process and explore · Reduces stress, helps focus, and organizes · Can improve well-being, and makes time for you · Creates a personal reminderSetting goals and resolution One very effective way to start using your journaling in your work life is to write what your goals and resolutions are. These can be for yourself, for your co-workers/employees, or even for your company. The key to goals and resolutions is that they go hand in hand. A goal is what you want to accomplish. A resolution is how you are
How would your business operate if half your work force were out sick? Would your business continue to function if several of your top key employees died? How many employees are cross-trained in other positions?A recent study showed the threat that most preoccupies the world's business leaders is a global influenza pandemic. This is why you need to start asking these questions now so your business can be prepared for a possible bird flu pandemic. A bird flu pandemic will not discriminate. Everyone from the janitor to the CEO would be affected. Worst-case scenario could leave millions sick and any where from 5 million to 1.5 billion people dead around the world.The World Bank, which has estimated that a bird flu pandemic lasting a year, could cost the global economy up to $800 billion. The economic toll on the world economy will be catastrophic. There would be major economic losses due to worker absences and interruptions in supply and delivery chains. Even a ?mild? pandemic would have lasting effects on your business. Because a global flu pandemic is such a threat, current business and disaster response plans may not be adequate to deal with it. What steps should you start to take now to prepare?As with any worst-case scenario you should be aware
(3) Feasibility
The convention of feasibility emphasizes that the time, labor and cost of analyzing accounting information should be compared vis-?-vis benefit arising out of it. For example, the cost of 'oiling and greasing' the machinery is so small that its break-up per unit produced will be meaningless and will amount to wastage of labor and time of the accounting staff.
Accounting Concepts
(1) Materiality
It refers to the relative importance of an item o
HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.actual4u.com/article/5279/actual4u-Accounting-Conventions-and-Accounting-Concepts.html">Accounting Conventions and Accounting Concepts</a>
BB link (for phorums):
[url=http://www.actual4u.com/article/5279/actual4u-Accounting-Conventions-and-Accounting-Concepts.html]Accounting Conventions and Accounting Concepts[/url]
Related Articles:
Invoice Factoring Helps You Expand Your Company With Fast Business Funding
10 Habits of Highly Unsuccessful Business Owners and Managers
Bookmark it:
|