By William H. Webster, CPA
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Extra resources for Accounting for Managers
Both are often conducted simultaneously. S. business revenue. A small percentage of owners make off with the most money, but employees are the most active. Since we have just learned about the materiality constraint, ask yourself if 6% of revenue is worth trying to recover. Yes, the cost/benefit constraint does kick in. Position Percent Volume Owner 12% $1,000,000 Management 30% $250,000 Employee 58% $60,000 Table 2-2. Business fraud loss A series of best practices have developed over time to control internal fraud.
But keep at it. A good manager will check over his or her financial statements every month or at least every quarter. Once you understand them, financial statements help you keep the pulse of your business. If you look at them regularly, they also help you see changes as they happen, so you can catch problems before they become too big to handle. In our example, the company started on June 1, 2003, with no assets or liabilities in each account. Can you trace every item on the balance sheet for June 5, 2003 to an item on the income and expense statement for June 1 to 5, 2003 (called “month-to-date”)?