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Entrepreneurship
Learning Activity Sheet
Quarter 4
LESSON 2: IMPLEMENTING A SIMPLE BUSINESS (IB)

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I. Title Topic
Manifest understanding of starting and operating a simple business
1.1 Implement the business plan;
1.2 Operate the business;
1.3 Sell the product/service to potential customers;
1.4 Identify the reasons for keeping business records;
1.5 Perform key bookkeeping tasks;
1.6 Interpret financial statements (balance sheet, income statement, cash flow projections, and
summary of sales and cash receipts);
1.7 Prepare an income statement and a balance sheet;
1.8 Identify where there is a profit or loss for a business; and
1.9 Generate an overall report on the activity

Background Information for Learner

IMPLEMENTATION OF BUSINESS PLAN

Whether a business is a start-up or already well established, business implementation becomes the
responsibility of all the employees. Implementation is the process of executing a plan or policy so that a concept
becomes a reality. To implement a plan properly, managers should communicate clear goals and expectations,
and supply employees with the resources needed to help the company achieve its goals.

Improvement Through Change

The implementation of a plan brings about change meant to help improve the company or solve a problem. The
changes can occur to policies, management structures, organizational development, budgets, processes,
products, or services.

Good Organizational Development

Part of good organizational development involves including all employees in implemented changes. When a
company shares its ideas and goals with workers, the workers will feel a sense of ownership and loyalty to the
company, as well as feel included in something important that is larger than their respective job descriptions.

Increased Interdepartmental Cooperation

When executed properly, business implementation can increase interdepartmental cooperation. It can be easy
for a department within a business to work independently and only rely on another department when a need
arises, particularly in large company.

Setting Clear Priorities

As well as communicating goals, business strategy implementation sets clear priorities. Priorities are generally
based on due dates, client needs, financial concerns, worker needs or logistics. Deadlines help guarantee the
implementation of a plan with realistic due dates, but a company must provide its workers with clear action
steps and resources to ensure the success of the plan. Failure to communicate priorities can cause inefficiencies,
miscommunications, worker frustration and low morale.
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Moving a Company Forward

Business implementation is important for moving a company forward, as is not underestimating the importance
of implementation planning. When a business fails to implement and execute its strategies properly, it fails to
move forward and grow. According to website Business Balls, to implement and execute a plan successfully,
there must be "motivational leadership," a plan of action and "performance management."

IDENTIFY THE REASON FOR KEEPING BUSINESS RECORD

Everyone in business must keep records. Keeping good records is very important to your business. Good records
will help you do the following:

Monitor the progress of your business

You need good records to monitor the progress of your business. Records can show whether your business is
improving, which items are selling, or what changes you need to make. Good records can increase the likelihood
of business success.

Prepare your financial statements

You need good records to prepare accurate financial statements. These include income (profit and loss)
statements and balance sheets. These statements can help you in dealing with your bank or creditors and help
you manage your business.

• An income statement shows the income and expenses of the business for a given period of time.

• A balance sheet shows the assets, liabilities, and your equity in the business on a given date.

Identify sources of your income

You will receive money or property from many sources. Your records can identify the sources of your income.
You need this information to separate business from nonbusiness receipts and taxable from nontaxable income.

Keep track of your deductible expenses

Unless you record them when they occur, you may forget expenses when you prepare your tax return.

Keep track of your basis in property

Your basis is the amount of your investment in property for tax purposes. You will use the basis to figure the gain
or loss on the sale, exchange, or other disposition of property, as well as deductions for depreciation,
amortization, depletion, and casualty losses. Prepare your tax return. You need good records to prepare your tax
returns. These records must support the income, expenses, and credits you report. Generally, these are the
same records you use to monitor your business and prepare your financial statement.

Support items reported on your tax returns

You must keep your business records available at all times for inspection by Bureau of Internal Revenue. If the
BIR examines any of your tax returns, you may be asked to explain the items reported. A complete set of records
will speed up the examination.

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PERFORM KEY BOOKKEEPING TASK

When you opened the doors of your small business, you were probably excited to meet your first customers and
start turning a profit. In contrast, you might have felt less enthusiastic about learning to bookkeep, especially if
you’ve never thought of yourself as a “math person.” But to run a small business, you have to be at least a little
skilled in the art of bookkeeping. The thought might be overwhelming if you’re more passionate about, say,
selling used books or offering excellent life-coaching advice than you are about numbers—but a basic
understanding of bookkeeping can revolutionize your business.

WHAT IS BOOKKEEPING?

Before we dive in, let’s define what bookkeeping actually is. Basically, bookkeeping is the process of recording
and organizing a business’s financial transactions, and a bookkeeper is a person responsible for that process.
Bookkeeping is the primary way business owners can figure out if their business is profitable: keeping an eye on
your numbers lets you identify financial challenges early on and address them before they blossom into full-
fledged crises. Bookkeeping also helps you identify areas of profit expansion—areas you might not have noticed
without clear financial reports you can interpret easily.

In general, a bookkeeper records transaction, sends invoices, makes payments, manages accounts, and prepares
financial statements. Bookkeeping and accounting are similar, but bookkeeping lays the basis for the accounting
process—accounting focuses more on analyzing the data that bookkeeping merely collects.

1. Understand business accounts. In the world of bookkeeping, an account doesn’t refer to an

individual bank account. Instead, an account is a record of all financial transactions of a certain type,
like sales or payroll.

There are five basic types of accounts:

• Assets, which are the cash and resources owned by the business (e.g., accounts receivable,
inventory)
• Liabilities, which are the obligations and debts owed by the business (e.g., accounts payable,
loans)
• Revenues or income, which is the money earned by the business, usually through sales
• Expenses or expenditures, which is the cash that flows out from the business to pay for some item
or service (e.g., salaries, utilities)
• Equity, which is the value remaining after liabilities are subtracted from assets, representing the
owner’s held interest in the business (e.g., stock, retained earnings)

Bookkeeping begins with setting up each necessary account so you can record transactions in the
appropriate categories. You likely won’t have the same exact accounts as the business next door, but
many accounts are common. The table below shows some frequently used small business accounts
and their types.

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2. Set up your business accounts. Knowing the accounts, you need to track for your business is one thing; setting
them up is another. Back in the day, charts of accounts were recorded in a physical book called the general ledger
(GL). But now, most businesses use computer software to record accounts. It might be a virtual record rather than a
hard copy, but the overall file is still called the general ledger.

There are three main methods for creating a GL:

• Spreadsheet software (e.g., Excel)

• Desktop accounting bookkeeping software (e.g., QuickBooks Desktop)

• Cloud-based bookkeeping software (e.g., QuickBooks Online, Wave)

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Spreadsheet software is the cheapest option; Google Sheets doesn’t cost a monthly fee but trying to craft your own
general ledger in a spreadsheet program can spiral quickly into disaster. Desktop bookkeeping software usually
requires a high up-front fee, but the software is then yours to keep. With online, cloud-based bookkeeping software,
you have to pay a monthly fee to keep your online subscription, but it’s a much lower cost than that of desktop
software.

Alternatively, you can pay an accountant, bookkeeper, or outsourced accounting company to manage your accounts
and ledger for you.

3. Decide on a bookkeeping method. If you plan to do your own books in house instead of outsourcing to an
accounting or bookkeeping firm, you need to make one crucial choice before you start setting everything up: Are you
going to use single-entry bookkeeping or double-entry bookkeeping?

With single-entry bookkeeping, you enter each transaction only once. If a customer pays you a sum, you enter that
sum in your asset column only. Makes sense, right? This method can work if your business is simple—as in, very, very
simple.

However, most bookkeeping is done using the double-entry accounting system, which is sort of like Newton’s Third
Law of Motion, but for finances. Newton’s law holds that “for every action (in nature), there is an equal and opposite
reaction.” Likewise, in double-entry accounting, any transaction in one account requires an equal and opposite entry
in another account. It isn’t physics, but for managing a business, it’s just as important.

In the double-entry bookkeeping system, you’ll record two entries for each transaction: a debit (Dr) and a credit (Cr).
Debits and credits are recorded as journal entries in the ledger. The debit is usually recorded first (on the left),
followed by the credit (on the right).

4. Record every financial transaction. You’ve created your set of financial accounts and picked a bookkeeping
system—now it’s time to record what’s actually happening with your money. It’s crucial that each debit and credit
transaction is recorded correctly and in the right account. Otherwise, your account balances won’t match, and you
won’t be able to close your books.

To record a transaction, first determine the accounts that will be debited and credited. For example, imagine that
you’ve just purchased a new point-of-sale system for your retail business. You paid for the system, which cost
P250,000, in cash. The transaction will affect two accounts: cash (an asset account) and equipment (also an asset).
Because you’re decreasing your cash and increasing your equipment, you would record a P250,000 debit (on the left)
for the equipment account and a P250,000 credit for the cash account (on the right). Note that journal entries don’t
include specific details about the item, vendor, or biller; you just track debits and credits by account.

5. Balance the books. The last step in basic bookkeeping is to balance and close the books. When you tally up
account debits and credits—often at the end of the quarter or year—the totals should match. This means that your
books are “balanced.” You have been recording journal entries to accounts as debits and credits. At the end of the

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period, you’ll “post” these entries to the accounts themselves in the general ledger and adjust the account balances
accordingly.

For example, if over the course of the month your cash account has had P3,000 in debits (increases) and P5,000 in
credits (decreases), you would adjust the cash account balance by a total of P2,000 (as a decrease). Follow this
method to adjust the balances for each account in your ledger. At the end of this process, you’ll have what’s called
an “adjusted trial balance.” When you combine accounts types, the adjusted balances should meet the accounting
equation:

Assets = Liabilities + Equity

If two sides of the equations don’t match, you’ll need to go back through the ledger and journal entries to find
errors. Post corrected entries in the journal and ledger, then follow the process again until the accounts are
balanced. Then you’re ready to close the books and prepare financial reports.

6. Prepare financial reports.

Now that you’ve balanced your books, you need to take a closer look at what those books mean. Summarizing the
flow of money in each account creates a picture of your company’s financial health. You can then use that picture to
make decisions about your business’s future.

Here are some of the most common financial reports created in bookkeeping:

• Balance sheet. This document summarizes your business’s assets, liabilities, and equity at a single period
of time. Your total assets should equal the sum of all liabilities and equity accounts. The balance sheet
provides a look at the current health of your business and whether it has the ability to expand or needs to
reserve cash.

• Profit and loss (P&L) statement. Also called an income statement, this report breaks down business
revenues, costs, and expenses over a period of time (e.g., quarter). The P&L helps you compare your sales
and expenses and make forecasts.

• Cash flow statement. The statement of cash flow is like the P&L, but it doesn’t include any non-cash items
such as depreciation. Cash flow statements help show where your business is earning and spending money
and its immediate viability and ability to pay its bills. Bookkeeping software helps you prepare these financial
reports, many in real-time. This can be a lifeline for small-business owners who need to make quick financial
decisions based on the immediate health of their business.

7. Stick to a schedule. At least once a week, record all financial transactions, including incoming invoices, bill
payments, sales, and purchases. And make it a priority to close your books regularly too. You may do this every
month, but at the very least, balance and close your books every quarter.

IDENTIFY WHERE THERE IS A PROFIT OR LOSS FOR A BUSINESS

The profit and loss (P&L) statement is a financial statement that summarizes the revenues, costs, and expenses
incurred during a specified period, usually a fiscal quarter or year. The P&L statement is synonymous with the
income statement. These records provide information about a company's ability or inability to generate profit by
increasing revenue, reducing costs, or both. Some refer to the P&L statement as a statement of profit and loss,
income statement, statement of operations, statement of financial results or income, earnings statement, or
expense statement. P&L management refers to how a company handles its P&L statement through revenue and cost
management.
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Understanding a Profit and Loss Statement (P&L)

The P&L statement is one of three financial statements every public company issues quarterly and annually, along
with the balance sheet and the cash flow statement. It is often the most popular and common financial statement in
a business plan as it quickly shows how much profit or loss was generated by a business. The income statement, like
the cash flow statement, shows changes in accounts over a set period. The balance sheet, on the other hand, is a
snapshot, showing what the company owns and owes at a single moment. It is important to compare the income
statement with the cash flow statement since, under the accrual method of accounting, a company can log revenues
and expenses before cash changes hands.

The income statement follows a general form as seen in the example below. It begins with an entry for revenue,
known as the top line, and subtracts the costs of doing business, including the cost of goods sold, operating
expenses, tax expenses, and interest expenses. The difference, known as the bottom line, is net income, also
referred to as profit or earnings. It is important to compare income statements from different accounting periods, as
the changes in revenues, operating costs, research and development spending, and net earnings over time are more
meaningful than the numbers themselves. For example, a company's revenues may grow, but its expenses might
grow at a faster rate.

Regardless of the industry, profit and loss statement are all organized the same way with five main sections: Total
Revenue (Income), Cost of Goods Sold (COGS), Expenses (including operating expenses), Other Income/Expenses
(including taxes and earning on shares) and Net Income.

The income statement has two major parts, namely, the heading and the body. The heading contains information on
the name of the business, the name of the financial statement, and the date. The body is composed of the revenue,
expenses, and net income or net loss of the business during a given period.

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Here is a profit and loss statement example created using BUHO, Inc template.

A merchandising business buys and sells goods or products

without changing the appearance of the goods; a service
entity provides intangible services; and a manufacturing
business buys raw materials, processes them with the use of
labor, and sells the finished goods.

Merchandising

The cost of goods sold in merchandising is composed of

merchandise inventory, purchases, and related accounts.
The pro forma of the cost of goods sold appears as follows:

Why do Profit and Loss Statements Matter?

Simply put, the profit & loss statement shows whether a company is making money or not. All companies need to
generate revenue to stay in business, and that makes the P&L essential. Revenues are used to pay expenses, interest
payments on debt, and taxes. After the costs of doing business are paid, the remaining amount is called net income.
Net income is theoretically available to shareholders; however, the company will often keep these earnings for
future investment instead of paying out dividends. Companies don’t always have a positive net income at the end of
a P&L. If a company is suffering a ‘loss’, this means that they are spending more than they earn (also known as being
company ‘in the red’). When you need to know whether your business is profitable, you’ll turn to the profit & loss
statement. Use this statement to answer important questions about business profits like:

• Do you generate enough profit to cover expenses?

• Do you have enough money each period to pay yourself, your employees, and shareholders?
• How does your current P&L compare to past P&Ls? Has anything changed? Did this change
increase or decrease your net income?

You’ll want to keep records of your profit & loss statements for reference. You can also take these statements to
an accountant for suggestions about improving your bottom line. When reviewing your P&L it is useful to
analyze key benchmarks or performance indicators (KPIs).

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Gross profit is an indicator of efficiency. The higher the gross profit margin the better, as your business keeps
more from each dollar of sales. If your gross profit margin decreases over time you will need to determine the
reason and take action to address the decline. The net profit margin is an indicator of how much profit you make
(before tax) from every dollar you spend. A fall in net profit margin generally means you are paying more in
expenses, which needs to be monitored. More profitable businesses generally spend less of their income on
expenses.

BALANCE SHEET

A balance sheet is the financial statement of a company which includes assets, liabilities, equity capital, total
debts. It is one of the three fundamental financial statements and is key to both financial modeling and
accounting. The balance sheet displays the company’s total assets, and how these assets are financed, through
either debt or equity. It can also be referred to as a statement of net worth, or a statement of financial position.
The balance sheet is based on the fundamental equation:

Assets = Liabilities + Equity

The balance sheet has two major parts, namely, the heading and the body. The heading of the balance sheet
includes the following information:

1. Name of the business

2. Title of the statement

3. Date

As such, the balance sheet is divided into two sides (or

sections). The left side of the balance sheet outlines all of a
company’s assets. On the right side, the balance sheet
outlines the companies liabilities and shareholders’ equity.
On either side, the main line items are generally classified by
liquidity. More liquid accounts such as Inventory, Cash, and
Trades Payables are placed before illiquid accounts such as
Plant, Property, and Equipment (PP&E) and Long-Term Debt.
The assets and liabilities are also separated into two
categories: current asset/liabilities and non-current (long-
term) assets/liabilities as shown below.

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 Here is a Balance Statement example created using
BUHO, Inc template.

BUHO, Inc.
Balance Sheet
As of 31 October 2020

IMPORTANTE OF BALANCE SHEET

The balance sheet is a very important financial statement for many reasons. It can be looked at on its own, and in
conjunction with other statements like the income statement and cash flow statement to get a full picture of a
company’s health.

4 important takeaways include:

1. Liquidity – Comparing a company’s current assets to its current liabilities provides a picture of liquidity. Current
assets should be greater than current liabilities so the company can cover its short-term obligations. The Current
Ratio and Quick Ratio are examples of liquidity financial metrics.

2. Leverage – Looking at how a company is financed indicates how much leverage it has, which in turn indicates how
much financial risk the company is taking. Comparing debt to equity and debt to total capital are common ways of
assessing leverage on the balance sheet.

3. Efficiency – By using the income statement in connection with the balance sheet it’s possible to assess how
efficiently a company uses its assets. For example, dividing revenue into fixed assets produces the Asset Turnover
Ratio to indicate how efficiently the company turns assets into revenue. Additionally, the working capital cycle shows
how well a company manages its cash in the short term.

4. Rates of Return – The balance sheet can be used to evaluate how well a company generates returns. For example,
dividing net income into shareholders’ equity produces Return on Equity (ROE), and dividing net income into total

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assets produces Return on Assets (ROA), and dividing net income into debt plus equity results in Return on Invested
Capital (ROIC).

CASH FLOW STATEMENT

The statement of cash flows, or the cash flow statement, is a financial statement that summarizes the amount of
cash and cash equivalents entering and leaving a company. The cash flow statement (CFS) measures how well a
company manages its cash position, meaning how well the company generates cash to pay its debt obligations and
fund its operating expenses. The cash flow statement complements the balance sheet and income statement and is
a mandatory part of a company's financial reports.

How to Use a Cash Flow Statement

The CFS allows investors to understand how a company's operations are running, where its money is coming from,
and how money is being spent. The CFS is important since it helps investors determine whether a company is on a
solid financial footing. Creditors, on the other hand, can use the CFS to determine how much cash is available
(referred to as liquidity) for the company to fund its operating expenses and pay its debts. The Structure of the CFS
The main components of the cash flow statement are:

1. Cash from operating activities

2. Cash from investing activities

3. Cash from financing activities

4. Disclosure of noncash activities is sometimes included when prepared under the generally accepted
accounting principles, or GAAP.

It's important to note that the CFS is distinct from the income statement and balance sheet because it does
not include the amount of future incoming and outgoing cash that has been recorded on credit. Therefore,
cash is not the same as net income, which on the income statement and balance sheet, includes cash sales
and sales made on credit.

Operating Activities The operating activities on the CFS include any sources and uses of cash from business
activities. In other words, it reflects how much cash is generated from a company's products or services.

These operating activities might include:

• Receipts from sales of goods and services

• Interest payments

• Income tax payments

• Payments made to suppliers of goods and services used in production

• Salary and wage payments to employees

• Rent payments

• Any other type of operating expenses

In the case of a trading portfolio or an investment company, receipts from the sale of loans, debt, or equity
instruments are also included. When preparing a cash flow statement under the indirect method, depreciation,
amortization, deferred tax, gains, or losses associated with a noncurrent asset, and dividends or revenue received
from certain investing activities are also included. However, purchases or sales of long-term assets are not included
in operating activities.
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Accounts Receivable and Cash Flow

Changes in accounts receivable (AR) on the balance sheet from one accounting period to the next must also be
reflected in cash flow. If accounts receivable decreases, this implies that more cash has entered the company from
customers paying off their credit accounts—the amount by which AR has decreased is then added to net sales. If
accounts receivable increases from one accounting period to the next, the amount of the increase must be deducted
from net sales because, although the amounts represented in AR are revenue, they are not cash.

Inventory Value and Cash Flow

An increase in inventory, on the other hand, signals that a company has spent more money to purchase more raw
materials. If the inventory was paid with cash, the increase in the value of inventory is deducted from net sales. A
decrease in inventory would be added to net sales. If inventory was purchased on credit, an increase in accounts
payable would occur on the balance sheet, and the amount of the increase from one year to the other would be
added to net sales. The same logic holds true for taxes payable, salaries payable, and prepaid insurance.

Investing Activities and Cash Flow

Investing activities include any sources and uses of cash from a company's investments. A purchase or sale of an
asset, loans made to vendors or received from customers or any payments related to a merger or acquisition is
included in this category. In short, changes in equipment, assets, or investments relate to cash from investing.

Cash from Financing Activities

Cash from financing activities include the sources of cash from investors or banks, as well as the uses of cash paid to
shareholders. Payment of dividends, payments for stock repurchases and the repayment of debt principal (loans) are
included in this category. Changes in cash from financing are "cash in" when capital is raised, and they're "cash out"
when dividends are paid. Thus, if a company issues a bond to the public, the company receives cash financing;
however, when interest is paid to bondholders, the company is reducing its cash.

Here is a Cash Flow Statement example created using BUHO, Inc template.

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 II. Reflection
Instructions: Complete the statement:

I have learned that.

_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________

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Compiled by:
Name of Teacher Lenie Santos Pasigna
Designation Teacher 2
Name of School Mactan National High School- Senior High
Name of Division DepED-Division of Lapu-Lapu City

Reviewed and Checked by:

LERA R. MORA
Master Teacher I - Math

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