March 31, 2011
Ms. Kathy Thornton’s has the students in her Entrepreneurship Class preparing their own venture plans, in addition to this they are learning what it means to be an entrepreneur. Ms. Thornton invited RG Bud Phelps to share his knowledge in the field of Practical Accounting, especially in the preparation and understanding of Financial Statements, and to give the class some tips and advice in their development of the supporting Balance Sheet, Income Statement, and Cash Flow Statement for their Business Plans.
Bud presented a Practical Accounting Power Point covering the importance of the Financial Statements as management tools for the entrepreneur in understanding the economical transaction history of the individual business operation. Bud utilized his Practical Accounting book “Cover Your Nut” in his presentation and supplied the class with a printed handout from the chapter (1.2 Basic Accounting Principles). Additionally Bud recommended that they maintain a good accounting reference book, such as “Cover Your Nut”, for a solid guide in understanding their Financial Statements.
Bud allowed time for questions and found this group of university students to be very knowledgeable and hungry for the right answers for their venture projects. It was a very enjoyable experience for Bud and hopefully for the University of Nebraska students.