ACC 557 Assignment 1: You Are an
Entrepreneur!
Follow Below Link to Download Tutorial
Email us At: Support@homeworklance.com or lancehomework@gmail.com
Due Week 7 and worth 240 points
Student life does not generally
afford a great deal of free time to pursue your personal interests; however, at
one point, you may have considered turning a personal interest or hobby into an
official enterprise. Today, you have finally decided to turn that hobby into a
business but have realized that you need start-up capital from a lender or
investor.
To obtain funding, you need to
convince a lender / investor that your business is more than a hobby. You need
to demonstrate that you have a firm grasp of your business, the accounting
practices that impact your business, the controls needed to safeguard assets,
and which accounting system will produce accurate and relevant financial
information.
Write a six to eight (6-8) page
business plan in which you:
- Describe the type of business you have created
including:
- The product or service, and general staffing plan.
Provide a rationale for your plan.
- The form of your business and the benefits it offers
your particular business,
- A chart of accounts specific to your business,
including a rationale as to the selection of each account. (Note: The
chart of accounts is a blueprint of your business for the
lender/investor. It should report the expected resources that you will
consume in your business (assets), the sources of those resources
(liabilities and equity), the sources of revenue, and expenditures that
you expect to incur to earn those revenues. You may build a detailed
chart that includes business units, divisions, product lines, etc.)
- Based on the form of your business, analyze whether or
not you will be required to use Generally Accepted Accounting Principles
(GAAP) or International Financial Reporting Standards (IFRS) accounting
methods and how the IFRS / GAAP convergence will impact your business.
Suggest how you will incorporate any changes into your books and records.
(Note: You need to demonstrate to the lender/investor that you have
recognized possible changes to GAAP that may impact the accounting and
reporting of your accounting events.)
- Prepare a pro forma balance sheet and income statement
providing the assumptions made and support the valuations assigned.
- Considering the value of assets (assigned per your
balance sheet) used within your business, recommend two (2) specific
internal controls that you will implement to protect your company’s assets
and resources, justifying how each will provide assurances to management.
(NOTE: Safeguarding assets and protecting personal data are
paramount to ensuring the viability of a business. Demonstrate to
the lender/investor that your assets will be safeguarded and customer
information (if applicable) will be protected.)
- Based on the internal control recommendations that you
made, suggest how you will implement each within your business
environment, indicating how challenges or resistances will be overcome.
- Evaluate the impact of the regulatory environment,
including the Sarbanes-Oxley Act and other regulatory requirements, on
your business venture, giving considering to how you intend to comply with
the requirements and the general impact to decision making within your
business.
- Use at least four (4) quality academic resources in
this assignment. Note: Wikipedia and other Websites do not qualify as
academic resources.
Your assignment must follow these
formatting requirements:
Be typed, double spaced, using Times
New Roman font (size 12), with one-inch margins on all sides; citations and
references must follow APA or school-specific format. Check with your professor
for any additional instructions.
Include a cover page containing the title of the assignment, the student’s
name, the professor’s name, the course title, and the date. The cover page and
the reference page are not included in the required assignment page length.
The specific course learning outcomes associated with this assignment are:
The specific course learning outcomes associated with this assignment are:
Examine accounting principles and
concepts used in businesses.
Assess appropriate internal controls, regulatory requirements according to
the Sarbanes-Oxley Act, and fraud prevention and detection. Use
technology and information resources to research issues in financial
accounting. Write clearly and concisely about financial accounting using
proper writing mechanics.
No comments:
Post a Comment