1.0Vital Statisticshttps://www.vitalstatistics.infoPaul Petersenhttps://www.vitalstatistics.info/author/paul-petersen/rich600338<blockquote class="wp-embedded-content" data-secret="nkVNPTBZd7"><a href="https://www.vitalstatistics.info/5-accounting-principles-every-small-business-owner-should-know/">5 Accounting Principles Every Small Business Owner Should Know</a></blockquote><iframe sandbox="allow-scripts" security="restricted" src="https://www.vitalstatistics.info/5-accounting-principles-every-small-business-owner-should-know/embed/#?secret=nkVNPTBZd7" width="600" height="338" title="“5 Accounting Principles Every Small Business Owner Should Know” — Vital Statistics" data-secret="nkVNPTBZd7" frameborder="0" marginwidth="0" marginheight="0" scrolling="no" class="wp-embedded-content"></iframe><script type="text/javascript"> /* <![CDATA[ */ /*! This file is auto-generated */ !function(d,l){"use strict";l.querySelector&&d.addEventListener&&"undefined"!=typeof URL&&(d.wp=d.wp||{},d.wp.receiveEmbedMessage||(d.wp.receiveEmbedMessage=function(e){var t=e.data;if((t||t.secret||t.message||t.value)&&!/[^a-zA-Z0-9]/.test(t.secret)){for(var s,r,n,a=l.querySelectorAll('iframe[data-secret="'+t.secret+'"]'),o=l.querySelectorAll('blockquote[data-secret="'+t.secret+'"]'),c=new RegExp("^https?:$","i"),i=0;i<o.length;i++)o[i].style.display="none";for(i=0;i<a.length;i++)s=a[i],e.source===s.contentWindow&&(s.removeAttribute("style"),"height"===t.message?(1e3<(r=parseInt(t.value,10))?r=1e3:~~r<200&&(r=200),s.height=r):"link"===t.message&&(r=new URL(s.getAttribute("src")),n=new URL(t.value),c.test(n.protocol))&&n.host===r.host&&l.activeElement===s&&(d.top.location.href=t.value))}},d.addEventListener("message",d.wp.receiveEmbedMessage,!1),l.addEventListener("DOMContentLoaded",function(){for(var e,t,s=l.querySelectorAll("iframe.wp-embedded-content"),r=0;r<s.length;r++)(t=(e=s[r]).getAttribute("data-secret"))||(t=Math.random().toString(36).substring(2,12),e.src+="#?secret="+t,e.setAttribute("data-secret",t)),e.contentWindow.postMessage({message:"ready",secret:t},"*")},!1)))}(window,document); /* ]]> */ </script> The entity principle in accounting is one of the top concepts business owners must understand. Many starting and small businesses make the mistake of mixing personal and business finances. This mainly happens, so business owners do not have to open another bank account, and other reasons include the simplicity of the recording system. However, aside from this practice being a contravention to the entity principle of accounting, it also causes various issues for the business. Limited Audit Trail Having a good audit trail is important in business to verify and validate financial transactions. But mixing business and personal activities in […]https://kippinitsimple.com/wp-content/uploads/2021/10/5-Accounting-Principles-Every-Small-Business-Owner-Should-Know-01.png