I recently read several scholarly articles (which I will not cite here as I do not wish to debate such intelligent authors) concerning accounting theory over sustainability of our environment for future generations. That ignited me to thinking about GAAP accounting conceptual framework. Different people have different realities concerning what is “profit”.
Continue reading “Profit is a Relative Term”For anyone interested in basic cattle knowledge, not just accountants.
Exchanging Assets for Assets
Exchanging assets sounds simple. The process involves a method of payment, noting the amount paid, checking a statement periodically, and of course end of year taxes. The process sounds simple. For those of you who are movers and shakers in your community, as your assets grow, so does the process.
To individuals, assets may be their home, savings account, investments, gun collection, etc. These items appreciate in value. Other individuals consider their assets to be their truck, boat, ATV, or music collection. People, these items are not assets. An asset is something that will make you money. Either way, it does not matter for individuals. For individuals, assets (real or not) cost you money. Assets make you money. I use to have horses, now I have cattle. Horses cost me money. Cattle make me money.
Continue reading “Exchanging Assets for Assets”Track of Assets
Keeping track of assets sounds simple. The process is relative. Relative meaning it depends what assets you are tracking. Assets include cash, cattle, feed, equipment, and other items which will make you money. In other words, a return on your investment. Some of these items are definitely easier to keep up with than others.
Continue reading “Track of Assets”