Title: Describe the importance of keeping good financial records.
Course: Entrepreneurship, Advanced (12053-II) > Section: Projecting Financial Requirements

Description should include accounting procedure requirements for developing and analyzing income statements, balance statements, and statement of owners’ equity. Description should also include software tools for keeping accounting records.

Process/Skill Questions:

- How can up-to-date and accurate financial records help a business plan for the future?
- What software tools are available for accounting in small businesses? What are the advantages and disadvantages of using software tools to track business records?
- What are the four principles of generally accepted accounting principles (GAAP)?
- How does an entrepreneur use a monthly income statement?
- What are the consequences of failure to keep accounting records up to date?
- What are the consequences of false information being reported in financial statements?
- Why is an accountant important to a small business?
- What could a business owner use to make financial decisions if no financial statements were available to analyze?
- How should a business use financial statements?
- How often are financial statements prepared/updated?