This Tutorial contains 2 Different Papers\tACC 557\u00a0 WK 6 Assignment 2 – You Are an Entrepreneur!\tStudent 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.\t\tTo 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.\t\tWrite a six to eight (6-8) page business plan in which you:\t\u00a0\t1. \ufffd Describe the type of business you have created including:\t \ufffd a.\u00a0The product or service, and general staffing plan. Provide a rationale for your plan.\t \ufffd b.\u00a0The form of your business and the benefits it offers your particular business,\t \ufffd c.\u00a0A 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.)\t2. \ufffd 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.\t3. \ufffd 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.)\t4. \ufffd Prepare a pro forma balance sheet and income statement providing the assumptions made and support the valuations assigned.\u00a0\t5. \ufffd 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: \u00a0Safeguarding assets and protecting personal data are paramount to ensuring the viability of a business. \u00a0\t6. \ufffd Demonstrate to the lender\/investor that your assets will be safeguarded and customer information (if applicable) will be protected.)\t7. \ufffd 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. \u00a0\t8. \ufffd 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.\t9. \ufffd Use at least four (4) quality academic resources in this assignment. Note: Wikipedia and other Websites do not quality as academic resources<\/p>\n","protected":false},"excerpt":{"rendered":"
This Tutorial contains 2 Different Papers ACC 557\u00a0 WK 6 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 Read More …<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-200303","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/200303","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=200303"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/200303\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=200303"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=200303"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=200303"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}