By William H. Webster, CPA
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Extra info for Accounting for Managers
How much to set aside for uncollectible accounts? How long will a machine be in pro- Concepts and Principles, Checks and Balances 35 ductive service? In reporting financial data, they should follow the prudence constraint. This means that when two outcomes are equally probable, the less optimistic should be reported. Better to understate than to overstate. So, when the new credit manager reports that the historic rate of 10% uncollectible accounts can be cut to 5% under enlightened leadership, stick with a 10% reserve allowance for doubtful accounts.
Do incentive and compensation programs support ethical behavior? • Do the audit committee and board of directors oversee accounting policies and practices? • What is the philosophy of management and operating style? Is there a constructive attitude toward financial reporting? Is there a responsible approach to risk? • Is the assignment of authority and responsibility appropriately managed? How Many Can • Does the company You Spot? show a commitment Look over the seven areas. to competence? Do you personally know of any situaDoes it have procetion in which you would have had to dures for ensuring answer in the negative about a comcompetence, requipany?
Save a Little Money Accrual basis accounting reflects a truer picture of your financial situation than the traditional cash basis accounting. What happens then if the customer defaults? S. tax code and GAAP have several provisions for taking some of the sting out of this situation. At most, you are out the opportunity cost, and some interest, from having to pay the tax. Still, many small businesses stay on cash basis accounting as long as they are eligible, to avoid paying tax on money they haven’t received.
Accounting for Managers by William H. Webster, CPA