 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:  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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Sometimes you just have to ask for what you want." - Fontenot & Associates Solutions  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! 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 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:
Source: Corporate Financial Accounting 12E
There is always something to be thankful for." - Unknown 3 Available Options for Start-up Companies 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. Oil & Gas Industry 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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