This article decribes how adherance to accounting principles is regulated 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

The article is a brief overview of the difference between accounting principles and accounting standards 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

A brief description of how to figure the gain or loss on the sale or discard of a fixed asset. The definition of Gain and Loss is as follows: Gain: When the sales price of a fixed asset exceeds the fixed asset's book value. Loss: When the sales price of a fixed asset is lower than the

This article explains the purpose of the General Journal and why it is a versatile accounting tool. A journal is a record of transactions that shows the accounts and amounts of both the debit side and credit side of the entry. A General Journal is the primary journal or place to record transactions

A brief description of the criteria a small business owner should follow when applying for a loan. 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