All articles by John Day

  1. Accounting Police: Do They Exist? by John Day

    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 financial statements conform to the rules. There is, up to a point, and here is how it works:

  2. Accounting Professionals: Are The Necessary? by John Day

    Does your business needs an outside accountant?

  3. CPAs vs. Non-Certified Accountants - Clearing Up The Confusion by John Day

    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, most states require a certain number of qualified hours of study plus continuing education hours each year.

  4. Accounting Principles & Standards: Avoid Them At Your Peril by John Day

    Accounting principles are the basic assumptions, rules of operation, and essential characteristics that make up the framework for the construction of accounting financial statements.