Reading your statement of income or profit and loss statement

Among the four basic components of financial statements (the balance sheet, statement of changes in equity, income statement and cash flow statement), the statement of income is the most interesting and exciting to read by its common users. This is true, since it indicates if an entity is having a profit or a loss, and that every business owners, investors, creditors and even the tax authorities may primarily want to see and know first if an entity is earning or making money out of running its business and utilizing its resources.

An income statement also called profit and loss statement (P&L) or sometimes prepared as statement of operation, is a formal statement showing the performance of an entity for a given period of time. The performance of the entity is primarily measured in terms of the level of income earned by the entity through the effective and efficient utilization of its resources. Income statement indicates how revenue (money received or receivable earned from the sale of products and services before costs and expenses are taken out) is transformed into net income or net profit (the result after all revenues, costs and expenses have been accounted for). This income performance is used to be known as the results of operations of the entity. Read more

Different forms of business and company ownership

1. Sole Proprietorship

Single proprietorship is the simplest form of organization in most of the countries in the world. Unlike other forms of entity, it is usually not governed by special laws. A proprietorship is a type of business entity which legally has no separate existence from its owner. Hence, the limitations of liability enjoyed by a corporation and limited liability partnerships do not apply to sole proprietors. All debts of the business are debts of the owner. The single proprietor has unlimited liability since creditors of his business may proceed not only against the assets and properties of his business but also after his own personal assets and properties. A sole proprietorship essentially refers to a natural person or individual doing business in his or her own name and in which there is only one owner and no partners. Read more

How to choose the right and perfect domain name for your company’s business website

Choosing the perfect domain name for your business website is a task that requires a lot of brainstorming. Domain name is the name which your website will be known and will be encoded in the internet explorer to be accessed by internet users. In other words, it will be the name, label or identity of your company or business online. An example of a domain is http://www.businessaccent.com which is the domain name of this website. A domain name is the name in which internet users will type in the Uniform Resource Locator (URL) address bar of an internet explorer in order to be accessed by millions of internet users and potential visitors of your website. This means that before you name and give birth to your business or company online, you must first take a nerve-taking task to find that perfect name for your website. The following are the list of some tips that I believe will help you in finding that perfect domain name for your business website. Read more

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