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Absolutely yes!
Remember that your accountant must present your financial reports to the IRS and your bankers using the rules, definitions and formulas known as Generally Accepted Accounting Practices (GAAP).
However, GAAP is NOT designed to help you make personal or business decisions.
To run your financial life or your business life, you can either develop your own system anyway you see fit, or adopt a model from someone else.
In fact, in business there's a HUGE difference between Financial Accounting (GAAP) and Management Accounting.
In short:
When reporting to the IRS, use IRS formulas and rules.
When reporting to the bank, use the banks rules.
When running your business or your life, use your own rules.
There's no conflict. It's not only legal, it's essential to being effective, efficient, and successful.
What else can I help you with?
Is it legal for homeowners associations to keep two sets of financial records?
You can look to the state corporate law under which your association was incorporated. There may -- or may not -- be guidance there as to the number of financial records to be kept. As an owner, you can request copies of all financial records. With copies in hand, you can consult with a local, common interest community attorney or CPA, and get the answer you want. Note that keeping multiple sets of financial records rarely indicates transparency in the conduct of business.
Can someone with legal records run for governor?
WHAT type of legal records? The Constitution of each individual state sets forth the qualifications necessary to become governor of that particular state. Check your state constitution.
Who sets federal income tax rates?
Congress...through a very complex legal and political and financial process. Tax rates and such are actually laws.
Are core sets legal in the Standard format?
Yes, core sets are legal in the Standard format.
What the meaning of reconciliation statement?
A reconciliation statement is a financial document that compares two sets of records to ensure consistency and accuracy between them, typically involving bank statements and a company's cash account. It identifies discrepancies, such as outstanding checks or deposits in transit, and explains any differences. This process helps ensure that the financial records are accurate and compliant, providing a clearer picture of a company's financial position. Ultimately, it aids in maintaining the integrity of financial reporting and management.
What is reconcilation statment?
A reconciliation statement is a financial document that outlines the differences between two sets of records or accounts, typically to ensure accuracy and consistency in financial reporting. It is commonly used to compare bank statements with a company's cash book or ledger, identifying discrepancies such as outstanding checks or unrecorded deposits. This process helps organizations maintain accurate financial records and aids in detecting errors or fraudulent activities. Ultimately, it serves as a tool for verifying that all financial transactions are properly accounted for.
The legal environment sets the normative standards of ethical behavior a true statement?
The legal environment sets the normative standards of ethical behavior
What country has the most television sets?
According to the 2010 world records book, Norway has the most television sets.
Who decides the legal age for drinking alcohol?
The legal drinking age is decided on state-level, but the National Minimum Drinking Age Act from 1984 sets a legal drinking age of 21. If the state doesen't keep it at 21 they can loose money from the national highway funding.
What do you call a diagram that records the relationship of sets of numbers or values?
A Venn Diagram
What is it called when a judge makes a legal decision that sets a standard for subsequent cases?
Legal Precedent
What are the legal Magic: The Gathering sets for tournament play?
The legal Magic: The Gathering sets for tournament play are determined by the format of the tournament. The most commonly played formats are Standard, Modern, Legacy, and Vintage. Each format has a specific list of sets that are legal for use in deck construction. It is important to check the official Magic: The Gathering website or tournament guidelines for the most up-to-date information on legal sets for each format.
