BOOKKEEPING

ENTREPRENEURSHIP
• Bookkeeping is a science of recording history.
• It is the physical recordkeeping of someone’s
transaction as they relate to assets, liabilities,
income, and expenses (Stern, 1993).
• Is an indispensable subset of accounting.
• Also called record-keeping.
• Refers to the process of accumulating, organizing,
storing, and accessing the financial information
base of an entity which is needed for two basic
purposes.
–Facilitating day-to-day operations of the entity
–Preparing financial statements, tax returns, and
internal reports to managers.
GOOD RECORDS WILL HELP YOU DO
THE FF:

• Monitor the progress of your business

• Prepare your financial statements
• Identify source of your income
• Keep track of your deductible expenses
• Keep track of your basis in property
• Prepare your tax returns
• Support items reported on your tax returns
THE FF ARE SOME OF THE TYPES OF RECORDS THAT
SHOULD BE KEPT:

• Gross receipts are the income you receive

from your business.
–Cash register tape
–Deposit information (cash or credit sales)
–Receipt books
–Invoices
• Purchases are the items you buy and resell to
customer.
–Cancelled checks or other documents that
identify payee, amount, &proof of
payment/electronic funds transferred
–Cash register tape receipts
–Credit card receipts & statements
–Invoices
• Expenses are the costs your incur to carry on your business.
– Cancelled checks or other documents that identify payee,
amount, &proof of payment/electronic funds transferred
– Cash register tape receipts
– Account statements
– Credit card receipts & statements
– Invoices
– Petty cash slips for small cash payments
• Travel, Transportation, Entertainment, &
Gift Expenses
• Assets are the property, such as machinery & furniture,
that you own and use in your business.
–When & how you acquired the assets
–Purchase price
–Cost of improvements
–Deduction taken for depreciation
– Deductions taken for casualty losses, such as losses
resulting form fires or storms
– How you used the asset
– When & how you disposed of the asset
– Selling price
– expenses of sale
• The following documents may show this
information:
–Purchase & sales invoices
–Real estate closing statements
–Cancelled checks or other documents that identify
payee, amount, and proof of payment/electronic
funds transferred
• Employment Taxes keep all records of
employment for at least four years.
 Plan &
control
Production
Ensure quality
control Adopt the
standard
production
models.

Manage inventory/ PRODUCTION/ OPERATIONS

stock well MANAGEMENT PRACTICES
Design plant layout
for better efficiency

Maintain Machine
& equipment Choose the Right
Properly Machine &
Purchase based Equipment
on needs and on
time
 PROTOTYPE PRESENTATION
• Prepare PowerPoint
presentation.
• Wear executive attire following
the Paulinian dress code.
• Short advertisement/jingle for
the product.
• Product description.
• Pricing strategy used.
• Marketing strategy used.
• Difficulties experience in
selling.
• Realization/learning gained from
the task.
• Presentation of Financial
statement/ Income statement.
• You may give free product to the
judges for them to evaluate.
 INCOME STATEMENT
JAN. 20-31,2020

• Income/ Sales
– Cost of goods sold
– Services rendered
• Expenses
– Precurement cost
– Transportation
– Overhead expenses
• Net Income/Net Margin
Income Price per Unit Unit sold Total

Ice pop 5 20 100

Siomai 7 100 700

1.A 1.A
2.C 2.C
3.C 3.B
4.B 4.C
5.D 5.B