Business Studies Assignment on Financial Concepts Evaluation

Create an assignment focused on the level of comfort with three important financial statements:

The income and expense report
The balance sheet
The statement of cash flows
The reflective evaluation is the foundation for creating a plan to increase knowledge of these three statements.

Do the following:

Consider and reflect on the knowledge gained in the work environment.
Consider and reflect on the knowledge gained in prior classes.
Execute the Chapter 8 Mini Sim on accounting and accounting information through the link, MyLab Entrepreneurship All Assignments. Click on “Week 4 – Assignment” to complete the Chapter 8 Mini Sim in MyLab.
In your paper,

Evaluate your level of comfort with the three foundation financial statements:
The income and expense report
The balance sheet
The statement of cash flows
Frame your evaluation with knowledge gained in the work environment and in prior classes.
Evaluate your level of comfort with three important financial statements:
The income and expense report.
The balance sheet.
The statement of cash flows.
Illustrate the relationship of the elements of all income and expense report entries offered as part of the simulation.
Illustrate the steps needed to discuss a pro forma income and expense statement with a potential investor.
Interpret the meaning of the balance sheet entries offered as part of the simulation.
Identify the principles and steps needed to discuss a pro forma balance sheet with a potential investor.
Describe the role of the statement of cashflows entries offered as part of the simulation.
Summarize the principles and steps needed to discuss a pro forma statement of cash flows with a potential investor.
Next, do the following:

Evaluate your level of comfort with the three foundation financial statements: (a) the income and expense report, (b) the balance sheet, and (c) the statement of cash flows. Frame your evaluation with knowledge gained in the work environment and in prior classes. Within your evaluation, consider the following:

Evaluate the level of comfort with three important financial statements: (a) the income and expense report, (b) the balance sheet, and (c) the statement of cash flows.
Illustrate the foundation principles of all income and expense report entries offered as part of the simulation. What knowledge was needed to discuss a pro forma income and expense statement with a potential investor?
Define the purpose of balance sheet entries offered as part of the simulation.
Identify the principles and steps needed to discuss a pro forma balance sheet with a potential investor.
Define the role of the statement of cashflows entries offered as part of the simulation.
Define the principles and steps needed to discuss a pro forma statement of cash flows with a potential investor.

**I do not have the book. Please give it to someone who has the book.**
Required text:
Glackin, C., & Mariotti, S. (2020). Entrepreneurship: Starting and operating a small business (5th ed.). Pearson.

Unit 3: Show Me the Money: Finding, Securing, And Managing It
Chapter 7: Understanding and Managing Start-Up, Fixed, and Variable Costs
Chapter 8: Using Financial Statement to Guide a Business
Chapter 9: Cash Flow and Taxes
Chapter 10: Financing Strategy and Tactics
This book is a comprehensive text on entrepreneurship in small companies and how to start and run a business. Chapters 7 through 10 discuss how to manage a start-up business and the financial costs associated with it. These chapters will assist you in your Funding Sources discussion forum, Balance Sheet discussion forum, and Financial Concepts Evaluation assignment this week.