The Toilet Paper Entrepreneur by Mike Michalowicz. 1st Chapter

In The Toilet Paper Entrepreneur, the American entrepreneur Mike Michalowicz argues that the General Accepted Accounting Principles (GAAP), while a standard practice for measuring a company's P&L (profit/loss), is in fact detrimental to an entrepreneur's money management. He argues the use of a method he calls Profit First Accounting (PFA) instead of GAAP alone. Michalowicz is a former monthly columnist for The Wall Street Journal's small-business section, and wrote the Small Business Shortcuts series.