Congratulations! You are starting up your own small business. There are many details to consider and decide upon, including how a sale will impact your income statement and balance sheet.

In a 150-200-word response, tell us a little bit about the business you are starting (no more than five sentences).

Then, tell us about the accounting method you have selected for your company and why you chose that method.

Support your response with examples, citations, and references.