Not much of anything exciting going on within my part of the world since my last dA journal. But ... such is life ...

1. Spent much of my summer taking a class -- Intro to Business. It turned out to be tougher than I thought, as I had to come up with a hypothetical business idea, then get down to its details: a) Name of the business in question and its 'Mission Statement'; b) Description of its products/services and ranking importance among a list of individual products/services it is to sell; c) Its legal structure (e.g., Sole Proprietorship, General Partnership, Limited Partnership, S-Corporation, C-Corporation); d) Industry analysis; e) SWOT (strengths, weaknesses, opportunities, threats) analysis; f) Consumer research and target analysis (this involves delving into demographics and psychographics); g) Marketing mix (location, labor, pricing strategies); h) Promotional strategy (running advertisements ranging from newspaper to public speaking); i) Management structure and organizational chart (should not be bloody difficult for those who are familiar with rendering flow-charts, however ... as a business grows, it has to distinguish between its own operational and financial flow-charts); j) Supply and distribution.

In addition, there was another assignment which involved in personal finalce. (Which boils down to running one's own financial statements: a) Income Statement (What I end up with = My income - My expenses); b) Balance Sheet (My assets = My liabilities + my net worth); c) Cash-flow Statement (Net cash inflow/outflow = Cash in - Cash out).

2. Right now .... a class on US Federal Income Tax. It also turned out to be tougher than I thought, because .... a) Filing status (single, married and filing jointly, married and filing separately, widow/widower, head of household); b) Dependents (kids and relatives); c) Standard or itemized deductions; and so on ......

3. By the way .... as for my dA nickname ... Debit: My choice of nickname should be familiar with those who are familiar with the difference between 'debit' and 'credit' in terms of the basic (double-entry) accounting equation:

For example ...... I have a positive balance in my business loan payable and I have just made a payment: $520.00.

Debit to my notes payable (the business loan) account: $501.14.
Debit to my interest expenses: $18.86.
..........Credit to my checking account: $520.00.

(Notice that $501.14 + $18.86 = $520.00.)

(Furthermore, in order to reduce your own liabilities, you must debit your own liabilities. Meanwhile, in order for you to pay for your liabilities, you must credit your own assets.)