Accounting

The six steps to accounting are analyzing, recording, classifying, summarizing, reporting, and interpreting.

* Analyzing: all the information is looked at carefully so it can see how it affects the business.

* Recording: entering all information pertaining to the business on ledgers or on a computer.

* Classifying: breaking into groups.

* Summarizing: information in a shortened and easy to understand version.

* Reporting: results of the data collected.

* Interpreting: determining the importance of the information provided.

Manage your writing, page 19, if you started a business, what would it be?

If I was to open up a business, I would choose to offer a food service/food cart. The food industry, if done right, can be really rewarding. By offering a food cart, we could opt to drive from location to location or pick one designated spot and allow for catering. I would offer Island/Chamorro food for a couple of reasons: it’s delicious, but also pretty easy to make- this would allow for bento style meals, great for families, students, or the business person who is on the go.

Describe the type of business you would enjoy the most. Would it be a service, merchandising, or manufacturing business?

Out of the choices I like offering a service to customers. This way I get to interact more with the customers than I would in merchandising or in manufacturing.

Explain what form of ownership you would prefer and why.

If I was choosing to open a restaurant I would choose a partnership, but only if it was with family. I choose this type of ownership for a couple of reasons:

1. Extra financial resources

2. The family members I would choose to run the business with me would all have something to offer in running the business.

3. Longevity of the business. Having a partner opposed to sole proprietorship will ensure that the business will last longer.

4. All profits made can be taxed individually by each owner as...