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Strayer ACC557 assignment 2 + homeworks (week 4-10)




Question;ACC 557 Assignment 2: YOU ARE AN ENTREPRENEUR;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;1. Describe the type;of business you have created including;a. The product or service, and general staffing plan. Provide a rationale for;your plan.;b. The form of your business and the benefits it offers your particular;business;c. 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.);1. 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.);1. Prepare a pro forma;balance sheet and income statement providing the assumptions made and support;the valuations assigned.;1. 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.);1. 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;Homeworks week 4-10;ACC 557 Week 4, Chapter 5;(E5-4, E5-8, E5-13, P5-3A);ACC 557 Week 4, Chapter 6;(E6-1, E6-10, E6-14, P6-3A);Week 5, Chapter 8 (E8-3, E8-5;E8-14, P8-7A);Week 6, Chapter 9 (E9-9, E9-11;E9-12, P9-3A);Week 6, Chapter 10 (E10-9, E10-12, E10-15, P10-1A);Week 7, Chapter 11 (E11-7;E11-13, E11-17, P11-3A);Week 8, Chapter 12 (E12-7,E12-8;E12-12, P12-2A);Week 9, Chapter 13 (E13-3;E13-4, E13-6, P13-3A);Week 10, Chapter 14 (E13-3;E13-4, E13-6, P13-3A)


Paper#42098 | Written in 18-Jul-2015

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