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A Journey of Innovation & Transformation

What is a Single Step Income Statement?

3/31/2016

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Some companies use a single-step income statement, which totals revenues and gains (sales, other income, etc.) and then deducts total expenses and losses (cost of goods sold, operating expenses, other expenses, etc.).  A simplified single-step income statement is similar to below:
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As an owner responsible for the creation of your financial statements, it key to understand the set-up of your companies income statement.

​This example, shows all revenues and gains and then lists all expenses and losses.  Total expenses and loss items deducted from total revenue and gain items determine the net income.
Ideas are easy.  Implementation is hard." - Gary Kawasaki, founder of AllTop
Source:  Financial Reporting and Analysis 12E
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Entrepreneur, Are you seeking the Right Franchise to Invest in?

3/31/2016

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Sometimes you just have to ask for what you want." - Fontenot & Associates Solutions
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When the decision is made to invest your funds into a franchise, it's important to make sure you invest wisely.  FranChoice was viewed in the Entrepreneur magazine and can potentially be an option to have your questions answered.  The consultation service is $0 dollars and offered by industry.

​Share with your colleagues.  We wish you much success!
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Why you Should Monitor your Internal Controls?

3/30/2016

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As an entrepreneur, we have already decided to take the good with the bad." - Fontenot & Associates Solutions

Companies of all Sizes should have a Guide to Monitoring

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Monitoring the internal control system is used to locate weaknesses and improve controls.  Monitoring often includes observing employee behavior and accounting system for indicators of control problems.  Some indicators are below:

​Warning signs with regard to people:
  • ​Abrupt change in lifestyle
  • Close social relationships with suppliers
  • Refusing to take a vacation
Warning signs from the accounting system:
  • ​Missing documents or gaps in transaction numbers
  • An unusual increase in customer refunds (refunds may be phony)
  • Sudden increase in slow payments (employee may be pocketing the payments)
​Evaluation of controls are often performed too late.  Establish your policies and procedures to ensure a reference guide for your employees and also for management so that they understand and have additional assurance on how the financial statements are being prepared.
Source:  Corporate Financial Accounting 12E
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How to Start a Business with Almost no Money?

3/30/2016

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There is always something to be thankful for." - Unknown

3 Available Options for Start-up Companies

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I know many may believe that starting a company with few funds is even possible.  But after reading an article from the Entrepreneur magazine -- I would encourage everyone planning to launch their new venture to read the 3 options available and use them when establishing their business plan.
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Securing the Right to Drill - Onshore Drilling

3/29/2016

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Oil & Gas Industry

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Petroleum companies are interested in securing the rights to drill for and produce subsurface minerals. The existence of minerals is uncertain until a drilling rig has probed the earth to the depth at which exploration information has suggested that deposits of oil and gas are likely to be found.

Sometimes these rights may be secured by simply purchasing the fee interest in the property, which results in outright ownership of both surface and minerals. In almost every case, the right to explore and produce is obtained by means of an oil and gas lease or a mineral lease.
Source:  Petroleum Accounting
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