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1). Accounting Police: Do They Exist? Who created accounting principles? Who sets and revises accounting standards? What if you don’t follow all the rules, do you go to jail? Is there an accounting police force that investigates and arrests violators? It would seem that there must be some regulatory force to make sure that providers of financial statements conform to the rules. There i... 2). Accounting Principles & Standards: Avoid Them At Your Peril Accounting principles are the basic assumptions, rules of operation, and essential characteristics that make up the framework for the construction of accounting financial statements. Long ago, I was perplexed to discover that there was no “set” of accounting principles that was presented in one form such as you might find in the Bill ... 3). Accounting Professionals: Are The Necessary? Accounting Professionals: Are The Necessary? 4). Accounting Professionals: Are They Necessary? Does your business needs an outside accountant? It all depends. If you require an audited or reviewed financial statement, then, yes, you need a CPA. In any event, it is always a good idea to maintain a relationship with an accountant no matter how small your business. Whether your accountant is a CPA is up to you. The real question i... 5). CPAs vs. Non-Certified Accountants - Clearing Up The Confusion I wish I had a nickel for every time someone asked me what the difference is between CPAs and non-certified accountants. Essentially, non-certified accountants can simply hang up their shingle and open their doors for business. There are no educational requirements. If they want to prepare taxes, most states require a certain number of qualified ho...