Acc 557 Wk 6 Assignment 2 - You Are an Entrepreneur!

ACC 557 WK 6 Assignment 2 - You Are an Entrepreneur!
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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:
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...