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General Accounting Discussions: Violations on proper accounting principles

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  1.  
    • CommentAuthorstephanie
    • CommentTimeJan 17th 2010
     
    If someone that ownes a small company pays a business and a personal bill with a single check and debited the expensefrom the total what is he violating and why
    • CommentAuthorpk
    • CommentTimeJan 17th 2010
     
    If he has paid any personal bill using company's money, then he should debit "Drawings Account" instead of Expense account.
  3.  
    You are right PK!
    I agree with you!
    • CommentAuthorBEC
    • CommentTimeJan 29th 2010
     
    For a small company with more than one owner, would not the personal bill have to be debited to "AR from Owner's name". My thinking is that the Draws/Distributions must be given out in the same ratio as the stock ownership, so one owner can't take out money just because he wants to. It must be given out to both. This is a constant source of confusion for my bosses, who would simply like to take out money when they want. If I am wrong, I would like to know.
    • CommentAuthorherrcui
    • CommentTimeJan 30th 2010
     
    Business Entity Assumption

    go to "home"----"accounting principles"-----the first assumption
  6.  
    Well in accounting a single mistake can lead you towards the disaster! Well over all its a very constructive discussion.

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