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

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