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ch00_FM_4773.qxd 12/29/06 9:07 AM Page iii Accounting Best Practices Fifth Edition Steven M. Bragg John Wiley & Sons, Inc. ch00_FM_4773.qxd 12/29/06 9:07 AM Page vi ch00_FM_4773.qxd 12/29/06 9:07 AM Page i Accounting Best Practices Fifth Edition ch00_FM_4773.qxd 12/29/06 9:07 AM Page ii BECOME A SUBSCRIBER! Did you purchase this product from a bookstore? If you did, it’s important for you to become a subscriber. John Wiley & Sons, Inc. may publish, on a periodic basis, supplements and new editions to reflect the latest changes in the subject matter that you need to know in order to stay competitive in this ever-changing industry. By contacting the Wiley office nearest you, you’ll receive any current update at no additional charge. In addition, you’ll receive future updates and revised or related volumes on a 30-day examination review. If you purchased this product directly from John Wiley & Sons, Inc., we have already recorded your subscription for this update service. 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Ltd. 2 Clementi Loop #02-01 SINGAPORE 129809 Phone: 65 463 2400 Fax: 65 463 4605; 65 463 4604 wiley@singnet.com.sg ch00_FM_4773.qxd 12/29/06 9:07 AM Page iii Accounting Best Practices Fifth Edition Steven M. Bragg John Wiley & Sons, Inc. ch00_FM_4773.qxd 12/29/06 9:07 AM Page iv This book is printed on acid-free paper. Copyright © 2007 by John Wiley & Sons. All rights reserved. Wiley Bicentennial Logo: Richard J. Pacifico Published by John Wiley & Sons, Inc., Hoboken, New Jersey. Published simultaneously in Canada. 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For general information on our other products and services, or technical support, please contact our Customer Care Department within the United States at 800-762-2974, outside the United States at 317-572-3993 or fax 317-572-4002. Wiley also publishes its books in a variety of electronic formats. Some content that appears in print may not be available in electronic books. For more information about Wiley products, visit our Web site at www.wiley.com. Library of Congress Cataloging-in-Publication Data: ISBN: 9780470081822 Printed in the United States of America 10 9 8 7 6 5 4 3 2 1 ch00_FM_4773.qxd 12/29/06 9:07 AM Page v To John DeRemigis, who convinced me that this was a good idea ch00_FM_4773.qxd 12/29/06 9:07 AM Page vi ch00_FM_4773.qxd 12/29/06 9:07 AM Page vii About the Author Steven Bragg, CPA, CMA, CIA, CPM, CPIM, has been the chief financial officer or controller of four companies, as well as a consulting manager at Ernst & Young and auditor at Deloitte & Touche. He received a master’s degree in finance from Bentley College, an MBA from Babson College, and a bachelor’s degree in economics from the University of Maine. He has been the two-time president of the Colorado Mountain Club, and is an avid alpine skier, mountain biker, and certified master diver. Mr. Bragg resides in Centennial, Colorado. He has written the following books published by John Wiley & Sons: Accounting and Finance for Your Small Business Accounting Best Practices Accounting Control Best Practices Accounting Reference Desktop Billing and Collections Best Practices Business Ratios and Formulas Controller’s Guide to Costing Controller’s Guide to Planning and Controlling Operations Controller’s Guide: Roles and Responsibilities for the New Controller Controllership Cost Accounting Design and Maintenance of Accounting Manuals Essentials of Payroll Fast Close Financial Analysis GAAP Guide GAAP Implementation Guide Inventory Accounting Inventory Best Practices Just-in-Time Accounting Managing Explosive Corporate Growth Outsourcing vii