1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations?
The most shocking thing that I encountered during this reading was all the financial explaining and documents entrepreneurs had to not only understand, but explain and figure out. Before, I would have thought that entrepreneurs in this department just hired someone to do the financial work for them. But, in actuality it does make sense for entrepreneurs to do their own financial statements as mentioned in the chapter because they have to understand everything that incorporates their business.
2) Identify at least one part of the reading that was confusing to you.
To this day, it is still confusing to me about what exactly the liability of accounts payable is. I know that the goods are purchased on credit, but I still do not udnerstand what the 30 day net means.
3) If you were able to ask two questions to the author, what would you ask? Why?
The first question I would ask the author is if he has ever met any entrepreneurs that do not do their own financial recordings? And if so, does Kuratko think they are just as successful as someone who is responsible for their own financial records? I want to know if there is an advantage or disadvantage to doing your own financial statements.
4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?
I do not disagree with anything in this chapter because in this chapter there was a lot of information given, especially on financial methods and accounting terms, which I am not as knowledgable as someone who is studying accounting.
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