ACC 557 Week 7 Assignment 1 – Strayer
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Assignment 1: You Are an Entrepreneur!
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:
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:
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.)
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 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:
·
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.
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