THE WAY THE COOKIE CRUMBLES The Way the Cookie CrumblesFrom a young age, Natalie Koebel enjoyed baking and learning the art of baking with hergrandmother. Over time, they mastered conventional ways of baking and came up with new ideasand recipes. Fast forward many years. Now Natalie is in college. She is looking for business ideas for the entrepreneurship program that she is enrolled in. A friend suggests using cookies as a business idea. After brainstorming for a while, Natalie operates a cooking-making school part-time and offers services in people’s homes. After even more brainstorming, she realized the possibilities. She can concentrate on seasonal cookies during the various holiday seasons, offer group sessions, and individual lessons. She decides on children as a target audience. For Natalie, the first of many tough decisions to come is a name for the business. She comes up with “CookieCreations” and moves on to the aforementioned other tough decisions. The first round of decisions are foundational business decisions like organization type, accounting, business banking, and transportation. Additionally, she will determine assets, liabilities, revenues, and expenses. Next are the actual accounting considerations: financial statements, liabilities, longevity, profitability, debt, dividends, and other related topics. Natalie will also have to decide on inventory tracking. Will she classify her materials as inventory or supplies and equipment? Does she even need to keep track at all? Another aspect that she will need to monitor is internal controls. Running a business alone can present several challenges. If Natalie is doing everything by herself, who will keep her accountable for accounting? Natalie will either have to be near perfect with her numbers or have an outside party ensure she is compliant and everything matches. Finally, Natalie will consider lending on credit and any alternatives. She will also decide on whether to accept credit cards as forms of payment for her business.