ACC 557 WEEK 6 ASSIGNMENT 2 STR LATEST
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ACC 557 WEEK 6 ASSIGNMENT 2 STR LATEST
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 startup 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:
2.
The product or
service, and general staffing plan. Provide a rationale for your plan.
3.
The form of your
business and the benefits it offers your particular business,
4.
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.)
2.
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.)
3.
Prepare a pro forma
balance sheet and income statement providing the assumptions made and support
the valuations assigned.
4.
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.)
5.
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.
6.
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.
7.
Use at least four (4)
quality academic resources in this assignment. Note: Wikipedia and other
Websites do not quality as academic resources.
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