This document discusses topics related to proper business management and accounting procedures, including the single business entity concept, impress system, budgeting, internal controls, and check and balances. It emphasizes the importance of separating personal and business finances, establishing accounting procedures for deposits, disbursements, and petty cash, creating budgets and projections, and implementing controls to prevent unilateral decision making. The final section discusses concepts from the movie Million Dollar Baby about training fighters and overcoming challenges through determination.

1. GOALS AND RESOLUTIONS

2. TOPICS
• Single Business Entity Concept
• Impress System & Proper Accounting Procedure
• Budgeting
• Management Concept
• Internal Control
• Check & Balances
• Million Dollar Baby

3. Single Business Entity Concept
• Observance of the business entity concept. The
money of the business owner and that of the
business must be distinct and separate. That the
business owner cannot make intermittent/un
announce cash withdrawal from the cash account

4. Impress System & Proper Accounting Procedure
1. Opening of checking/current account for proper recording of disbursements;
2. All collections are to be deposited intact in an account (corporate/business);
3. All disbursements must be supported by Cash or Check Voucher and a
distinct and separate . Withdrawal slip or check; Disbursements cannot be
taken directly from the collection (cash on hand);
4. All small disbursement shall be taken from the Petty Cash Fund;
5. Setting up of Revolving fund for the outright commission (Replenishment
method)
6. With regards to collection the following shall be observed;
> All Collection shall be receipted
> All collection shall be properly recorded in their respective credit accounts;
> All collection shall be deposited intact with the bank, thus the employees
who transact business with the bank, must be prohibited from
maintaining an account with the same branch to prevent mis-depositing
of the collection;
7. All funds of the company must be used only for business needs only excess
funds may be withdrawn by the owner as profits.
8. Priorities are Marketing Expenses, Joint Venture, taxes and licenses
and operating expenses

5. MATERIAL
LABOR
LAND
MACHINERY
SUPPLIER
CASH
STOCKHOLDER
LENDER
GOODS IN
PROCESS
FGI
SALES
ACCOUNTS
RECEIVABLES
LIABILITIES CASH FLOW INCOME
STATEMENT
STOCK HOLDERS EQUITY ASSETS
BALANCE SHEET

6. BUDGETING
• All purchases must be within the budget especially
capital expenditures;
• There must be projections;
• If sales and collection targets were not achieved, capital
expenditures and operating expenses must be limited or
truncated;
INTERNAL CONTROL
• Check and balance;
• No one-man decision
• Canvass, Purchase Order, Best Price Policy

7. MILLION DOLLAR BABY
• Eddie Scrap-Iron Dupris: If there's magic in boxing, it's the
magic of fighting battles beyond endurance, beyond cracked
ribs, ruptured kidneys and detached retinas. It's the magic of
risking everything for a dream that nobody sees but you.
• To make a fighter you gotta strip them down to bare wood: you
can't just tell 'em to forget everything you know , you gotta
make 'em forget even their bones... make 'em so tired they
only listen to you, only hear your voice, only do what you say
and nothing else... show 'em how to keep their balance and
take it away from the other guy... how to generate momentum
off their right toe and how to flex your knees when you fire a
jab... how to fight backing up so that the other guy doesn't
want to come after you. Then you gotta show 'em all over
again. Over and over and over... till they think they're born that
way.

8. MILLION DOLLAR BABY
• Eddie Scrap-Iron Dupris: All fighters are pig-headed some
way or another: some part of them always thinks they know
better than you about something. Truth is: even if they're
wrong, even if that one thing is going to be the ruin of them,
if you can beat that last bad out of them... they ain't fighters
at all.
• Frankie likes to say that boxing is an unnatural act, that
everything in boxing is backwards: sometimes the best way to
deliver a punch is to step back... But step back too far and you
ain't fighting at all.
• Anybody can lose one fight, anybody can lose once, you'll
come back from this you'll be champion of the world.