General Accepted Accounting Principles | accounting

The differences of financial accounting and managerial accounting are very prevalent. Some of these differences include precision, mandatory external reports and emphasizing financial consequences of past activities. These characteristics are describing financial accounting. Financial accounting is a way of measuring economic performance. This type of accounting summarizes data to prepare balance sheets and income statements for the firm. The specific difference discussed in this piece will be the difference of the Generally Accepted Accounting Principles (GAAP). Financial accounting must follow GAAP, while managerial accounting does not need to follow GAAP.The Generally Accepted Accounting Principles help steer firms in recording business transactions. The GAAP are not rules, but guidelines for a firm to follow for recording. The principles set a minimum level of regularity in statements. There are many positives in compliance with the GAAP. The principles maintain creditability because it informs outside companies that this company using the GAAP is being portrayed precisely. Stockholders and analysts can read a report knowing that it abides with the accounting principles.There are many principles to be discussed for the GAAP. The six principles to be discussed during this article are economic entity assumption, accrual basis accounting, revenue recognition principle, relevance, reliability and consistency principle, materiality principle, and cost principle. Economic entity includes any organization in the economy. Examples can include schools, hospitals, governments and churches. Every event must be recorded by a specific entity. Another part to this principle is that records can not include any personal assets or liabilities relating to the owners. The second principle is the accrual basis accounting principle. Accrual basis accounting captures financial aspect in each event in the period of occurrence. Revenues are recognized when the business receives the cash. Expenses are recognized when the business pays with cash. Furthermore, the revenue recognition principle is when revenues are earned upon the finishing of a product or service, but without view to the timing of cash flow. The last principle in the GAAP discussion is relevance, reliability, and consistency. Information must be useful. To be useful, this information in accounting must be relevant, reliable and in a consistent method.Relevant information will help a decision choice understood properly by examining the businesses past performance, and the future position. Detailed information is needed for internal users to estimate the company’s value. Reliable information must be confirmable. Otherwise, this information cannot be used or trusted in preparation of financial statements. Lastly, the information must be consistent. This means that the methods must be the same for each accounting period. Comparisons can be made between accounting periods if consistent. Consistency will help a company evaluate the methods of the accounting periods. The materiality principle states the requirements of any principle may be ignore, if and only if, there is no consequence on the users of the financial information. An example of this principle would be tracking individual staples used in a department of an office. There is no definitive gauge to calculate the staples used. This judgment of dollars is not a significant entity to a large corporation, but it may to a small, privately owned business. It will depend of the size of the company. The cost principle is dealing with the recording of the company’s assets. The assets equal the value exchanged at the time of their attainment. Assets consisting of land or buildings value with time. Land and buildings do not need to be appraised for reporting.So what is the difference of why managerial accounting does not need to follow GAAP but financial accounting need to follow the principles? Managerial and financial accounting is two separate types of accounting, so each one needs a specific method for financial reports to help that type of company. Managerial accounting is not bound by the General Accepted Accounting Principles. In managerial accounting, managers set their own rules for financial report methods. Using the General Accepted Accounting Principles set a common ground for external users to rely on when evaluating a company. The GAAP help reduce fraud and catch misrepresentations on financial reports. Managerial accounting prepares reports only for internal use of the manager. This information helps to make decisions on the company’s future. There are no specific required reports, only the reports what the manager sees fit to help make decisions. The reports are normally focused on departments of the organization, not as a whole. Financial accounting relies on reports for perspective of the organization. It focuses on specific information because it is used outside the company. This is why financial accounting must follow GAAP for external reports.

A Meditation Garden For Your Lifestyle | gardening

A meditation garden, sometimes called a contemplation garden, is a fairly new concept. Of course gardens and meditation has been around for centuries, but the combination of the two as a specific serene spot you can create yourself is more of a modern concept.This type of garden shouldn’t be confused with a Zen garden that you would find at a temple. Many of the temple gardens in Kyoto for example are meant to be observed from a particular angle. There are also strolling gardens that allow you get a little closer to nature, however these are different concepts than creating your own space at home. A dry rock garden for example is minimalist by design and it encourages the observer to use their imagination when it comes to a portrayed landscape of mountains, rivers, and temples.This is definitely one route to go when designing your own meditation garden, as long as your incorporate a comfortable sitting space as well. Two great feature of a dry rock garden are:1) They are low maintenance. The lack of many flowers etc. allows you to spend less time with upkeep.
2) In an area like Buffalo and Grand Island, where we have pretty severe winters, the garden still maintains a unique form even when covered in snow. Using various size large rocks creates a wonderful effect in winter.The initial start-up costs for the dry rock garden may be higher due to the prices of small boulders, but yearly maintenance and upkeep fees are minimal at best.Others may wish to go a different route and create something that directly touches all of the senses. A good Japanese garden is one that has incorporated something for all four seasons into it. That way the garden is always alive and seen from a different perspective. You want to create a meditation garden that you are comfortable and intrigued in all throughout the seasons.Western gardens also tend to use a lot of plants and flowers so this may look more natural given your housing situation. The Japanese garden is often restricted by boundaries that create a feeling of it being a sacred space. The idea of a sacred space is what we are aiming for when thinking of a meditational garden. Even in a larger more open yard, for example, you can start with something in a corner and think of it as a separate but connected room. When you enter this room you want to be surrounded by things that lend themselves to calmness and serenity.A Sanctuary for the SensesFlowers create a scent memory that can draw you back to the garden from time to time. A bench or area on the grass supplies the sense of touch and gives you the comfort and stability to meditate in the garden. Visually you want something intriguing or mysterious, but not too distracting. Remember, CLARITY is the goal of a meditation garden, not a color smorgasbord to impress the neighbors walking by. A water feature is also a great relaxing stimulus for the ears. Watching a small stream of water can have a great calming effect, but because we have so many memories and images of flowing water, the mere sound of it trickling can also be a refreshing stimulus. The more you can stimulate all of the senses the more connected to nature you are likely to feel.The Sanctuary Gate You want to create a place that you can call your sanctuary. A place you are comfortable and protected in. For me, shaded spots seem to have a more enclosed feeling, and can also be a nice retreat from the direct summer sun.A path or entranceway is also something to consider as a starting point of the meditation garden. The Japanese Roji, or pathways up to the teahouses, are great examples of a space dedicated to calming and preparing you to enter a world different from the one you just left. Sometimes they can be quite narrow at the beginning of the path and I like to think that this was intentionally designed as the place to leave your problems at the door. An actual entranceway such as a Japanese style gate or a pergola with hanging wisteria for example can also be a great way of distinguishing the different areas.This site about Japanese Gardens is recommended for more detailed information and interesting videos with accompanying ambient music. Whether you are aiming for a meditational garden where you can sit quietly or do yoga or tai chi, it should be a place you are comfortable in and you can focus on the nature around you.

Small Business Online Marketing Considerations | Online marketing

For small business online marketing can hugely powerful and profitable. Many small businesses now recognise the importance of having a synergised cohesive online marketing campaign that can do wonders for their bottom line.Most small businesses now have a website and many small businesses are now using Facebook and Twitter to boost their online presence. There are though some rules of the game (social media) which small business, in fact any business, must be aware of before they embark on a comprehensive online marketing assault. The evolution of online marketing has come a long way so lets take a look at the things to consider:1. How much do you know?The first thing to consider what do you know about the internet. For example, do you know what SEO (search engine optimisation) is? Do you know how Google works? Do you know how to find keywords? Do you know the difference between a head keyword and a long tail keyword and which one is better to get ranked highly by Google and the other search engines such as Yahoo? Determining your level of online marketing knowledge will help you determine what type of online marketing strategies you employ.2. Who is your market?The next thing to consider who is your market? Again this will have an effect on what types of strategies to use. For instance are you selling to older people who may not use Facebook, or are you selling to a younger crowd? Are you selling to students and professionals? This will determine when you use Facebook for your small business and Twitter.3. How much time do you have?Online marketing takes time. There are no free lunches and patience is required. It’s a bit like going to a Financial Planner and hoping they will make you rich overnight. It’s not going to happen. Online marketing is a science rather than a magic act although things are becoming more automating and easier to do. For instance Facebook optimisation is easier now that small business can create stunning landing page which link to their websites. Small businesses using Twitter can now schedule bulk tweets. However you must ask yourself how much time can you invest on your internet marketing campaign, because again this will determine what you use and how often you use it.4. Are you already online?Do you already have a website achieving high SEO? Do you already use social media strategies for your small business? Maybe you all need to tweak around the edges. The fact is online marketing needs a consistent approach. It is all about Trust Marketing and building relationships and you can’t do that if your marketing is static. Again, you can now automate a lot of things like email newsletters and so on but trust marketing still requires a personal touch and social media allows this, don’t neglect it!These are the important factors to consider for the online marketing of your small business. The fact is patience does pay off as long as you have the right ingredients and you are continually mixing them up. There are of course quite a few others factors to consider and really powerful strategies that you can employ to get your website up Google and use social media to increase your bottom line.