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Accounting Tip
Cash vs Accrual Accounting
Cash-based accounting recognizes income when money is received. Accrual-based accounting recognizes income when goods are shipped or services are rendered. Under the cash method, an expense is recognized when it's paid. Under the accrual method, an expense is recognized when the business is obligated to pay it.
Reading List
The Tipping Point
by Malcolm Gladwell
Words of Wisdom
"Drive thy business or it will drive thee."
Benjamin Franklin
Biz Tip...
You hire Barbara Green Smith and see that, on her Social Security card, her last name is spelled "Grean." On her paycheck, you must spell her name ____.
Answer: Grean
